•Sale of a logistics portfolio with c. 467,000 sqm total lettable space is closed 

•Further sales concluded in Bulgaria and Hungary

•Liquidity inflow of around € 130 m through sales

•Strategic withdrawal from non-core segment continues

 Since 2012, CA Immo has been strategically pulling out of markets and segments that do not form part of its core business. Small-scale office buildings in Sofia (Europark office building, 8,000 sqm of rentable effective area) and Budapest (Buda Business Center, 6,400 sqm) were sold. The total sales volume of the two properties was approximately € 17 m, the transactions have already been concluded. In addition, the sale of a logistics portfolio held as part of a joint venture with EBRD with c. 467,000 sqm total lettable space was successfully closed; the purchase price has been transferred. The liquidity inflow through these sales is around € 130 m.

The logistics portfolio comprises a logistics park in Romania (215,000 sqm), two standing assets in Poland (252,000 sqm) and almost 165 hectares of land for development, principally in Poland and Romania. The purchasing agreement was signed with P3, a specialist owner, developer and manager of European logistics properties. P3 is owned by shareholders TPG Real Estate and Ivanhoé Cambridge. The parties agreed that the financial terms of the transaction are not being disclosed. 

The Buda Business Center office building was acquired by a public open-ended fund managed by Diófa Fund Management while the Europark office building has been bought by a local investor. The real estate consulting company Colliers International Hungary and CHSH, solicitors, acted as advisors to the vendor on the sale of Buda Business Center.

Since 2012, CA Immo has been steadily refocusing its asset portfolio on large office properties within the core strategic markets of Austria, Germany and the CEE. 

According to Dr. Bruno Ettenauer, CEO of CA Immo, “We have managed to sell the greater part of our logistics portfolio, also smaller office buildings and those outside of our core geographic region. In this way, we are steadily raising our efficiency and as a result the quality of revenue delivered by our asset portfolio.”

About CA Immo 
CA Immo specialises in office properties in Central European capitals. The company covers the entire value chain in the field of commercial real estate, from lettings and management to project development based on a high degree of in-house construction expertise. Founded in 1987, CA Immo – which is listed on the ATX index of the Vienna Stock Exchange – controls property assets of around € 3.6 bn in Germany, Austria and Eastern Europe. As at 30 September 2014, approximately 5 % of total property assets were located outside the company’s core strategic markets (Bulgaria, Serbia, Slovenia, Croatia and Ukraine are secondary markets).