CA Immo sells Romanian Platform

CA Immo has successfully signed the sale of seven office buildings in Bucharest. The buyer is Pavăl Holding, the investment vehicle of the Pavăl family which also owns Dedeman, the biggest Romanian DIY chain. The sales price achieved represents a discount of around 3 percent to the book value as of 30 June 2022. Along with the properties, the buyer took over the Romanian CA Immo team. The portfolio comprises around 165,000 sqm of total gross leasable area (GLA) and c. €30.4 million of annualized gross rental income.

Keegan Viscius, CIO of CA Immo: “Over the last years we have expanded, focused, and stabilised our Romanian portfolio to be a Class-A office portfolio in some of the most attractive micro-locations in the centre of Bucharest with a strong operational track record. I would like to say thank you to the entire Romanian team for their hard work and dedication in helping to achieve this. I am pleased that they will continue to look after the portfolio and its tenants, some of whom they have had a trusting partnership with for many years, under the leadership of the new owner.”

Silvia Schmitten-Walgenbach, CEO of CA Immo: “With this disposal, and exit from the Romanian market, we continue to focus the CA Immo portfolio on high-quality modern office properties in our core markets, and to monetize investments that are non-strategic in terms of location, asset class and size.”

Use of proceeds from this sale will be focused on investing in existing properties and the development pipeline, balance sheet management, and disciplined external investments taking shareholder and stakeholder value creation into account.

CBRE has acted as exclusive financial and real estate advisor and Schönherr as legal advisor to CA Immo on the sale of the Romanian platform.