Austrian real estate group CA Immo has exited the Romanian market with the sale of seven office buildings in Bucharest.
CA Immo said the sales price achieved represents a discount of around 3% to the book value as of 30 June 2022.
Along with the properties, the Romanian CA Immo team was also taken over by the buyer. The portfolio comprises approx. 165,000 sqm of total gross leasable area (GLA) and c. €30.4 m 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 where the rate of return is below our target, and where non-strategic in terms of location, sector 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, the company said.