The sale of the logistics portfolio with a total area of 467,000 m2 is completed / Additional sales in Bulgaria and Hungary completed / Incerase of Liquidity of approx. 130 million euros due to selling / Strategic retreat from non-core segment will continue
CA Immo continues the since 2012 ongoing strategic retreat from their non-core business related markets and segments. Smaller office buildings were sold in Sofia (Euro Park Office Building, 8000 m2 of rentable floor space) and Budapest (Buda Business Center, 6,400 m2). The sales of those two office buildings will total around 17 million euros, the closing has already taken place. In addition, the closing for the sale of an investment in a joint venture with the EBRD logistics portfolio with a total area of 467,000 m2 has been completed, the purchase price has flowed. In sum, these sales bring an increase of liquidity by the amount of approx. 130 million euro.
Components of the logistics portfolio are a logistics park in Romania (215,000 m2), two investment properties in Poland (252,000 m2) and approximately 165 acres of undeveloped property, primarily in Poland and Romania. Buyer is P3, a company specialised on the development and portfolio management of European logistics real estate, which is owned by TPG Real Estate and Ivanhoé Cambridge. The purchase price was not disclosed.
Buyer of the office building Buda Business Center is an open fund, managed by Diófa Fund Management Fund, Euro Park Office Building was purchased by a local investor. The real estate consulting company Colliers International Hungary and the law firm CHSH have advised the seller in the sale of Buda Business Center.
Since 2012 CA Immo focused its portfolio continuously on large-scale office buildings in the strategic core markets of Austria, Germany and CEE. Bruno Ettenauer, CEO of CA Immo: "We have now sold the majority of our logistics portfolio, as well as smaller office buildings and those beyond our core geographical region. Thereby we are continuously increasing our efficiency and as a result the quality of earnings of our asset portfolio."
About CA Immo
CA Immo is a specialist for office properties in Central European capitals. The company covers the entire value chain of commercial real estate: leasing and management and project development with high in-house construction expertise. Established in 1987, listed on the Vienna Stock Exchange ATX and its property portfolio amoutns to approx. 3.6 billion euros in Germany, Austria and Eastern Europe. 30.9.2014 to about 5% of total property assets were outside the strategic core markets of the company (secondary markets Bulgaria, Serbia, Slovenia, Croatia, Ukraine).
Source: APA OTS
