Even though it may have looked like business as usual from the outside, we’ve undergone a significant evolution over the past few years. It has helped us strengthen our position in the market and expand the way we deliver value across both development and asset management, an area in which we’ve been active for years and have recently established as a dedicated business arm.
The Corporate Report we’ve just published takes you through this journey. It’s not necessarily a story marked by big announcements. We were living the change, navigating it step by step and making decisions that have gradually shaped the company we are today. Now, with our business in a strong position, we’re taking the opportunity to look back at that progress and at some of the most important developments along the way.
New business model, restarted development and ambitious sustainability goals
Now operating as two distinct businesses
In 2023, we split our operations into two distinct businesses: HB Reavis Investments and HB Reavis Developments. This allows each arm to pursue their own priorities, capital structure and approach to risk. It brings greater transparency for investors and helps us clearly distinguish between development and long-term ownership of our assets.
We’ve also taken our expertise beyond our own portfolio, becoming the asset manager for Space House in London on behalf of its owner, a strong sign of the trust others place in us in this field.
We generated rental income of €106.6 million in 2025, up from €75.5 million three years earlier, with portfolio occupancy reaching 96%.
Nivy Tower, Bratislava
New projects underway
Over the period covered by the report, we restarted development, with much of our focus on London and Berlin. We’re also entering a new segment: Purpose-Built Student Accommodation (PBSA), starting with our 10 Leake Street project in London. Beyond that, our pipeline includes projects such as One Waterloo, Central Tower Berlin and PLTFRM.Berlin.
At a time when demand for office space is declining across markets, we’re seeing our high-quality workspaces hold their own against the competition. We’ve learnt that quality alone is not enough: workplaces need to offer something extra and become destinations that clients actively choose.
Our projects continue to attract support from financial institutions too. The €510 million refinancing of Varso Place was even named Financing Story of the Year by Property Forum.
In 2025, we successfully leased 53,700 sq m. Forest, DSTRCT.Berlin, Varso Place and Worship Square reached full office occupancy
10 Leake Street, London
Sustainability becomes a driver of business
A key part of our Corporate Report focuses on sustainability. At a time when greenwashing remains a concern across the sector, we’re committed to transparent ESG monitoring. And we’re seeing an important shift: our focus on sustainable development is translating into real economic value, helping us attract investors and access additional financing.
In 2025, we sold Worship Square in London, our first net zero carbon development, to Hines. But the standards behind it stayed with us. We’re applying the same sustainability principles across our development pipeline, setting a strong internal benchmark for projects such as Central Tower Berlin and PLTFRM.Berlin.
By 2030, our goal is to reduce Scope 1 and 2 emissions by 42% and Scope 3 emissions by 25%. By 2050, we aim to reduce our total emissions footprint by 90%.
Central Tower Berlin, Berlin
To close: our key figures
€3.5bn — Total assets
1,664,079 sq m* — Completed
206,828 sq m — Under preparation
€2.5bn — GDV under preparation
286 — Professionals
* This figure includes projects completed in the Czech Republic. Note: this page presents combined financial figures for both the Development and Investment arms.
