CA Immo sells office building in Budapest

CA Immo sells office building in Budapest

CA Immo is continuing its capital rotation programme to focus the investment portfolio on high-quality, modern office properties in core markets.

The Austrian real estate group has agreed to sell the Vizivaros Office Center in Budapest to the FLE SICAV FIS real estate fund managed by FLE GmbH.

The building is located in the “Central Buda” office submarket in western part of Budapest, comprises around 14,200 sqm of total lettable space and was 96% let with annualized gross rental income of around €2.5 m as at 31 December 2022.

Keegan Viscius, CIO of CA Immo: “This successful sale in Budapest is another step in our capital rotation programme where we seek to divest assets with no strategic fit in our long-term portfolio while improving our portfolio and cash flow quality.”

CA Immo pursues a dynamic and value-accretive investment and divestment approach, concentrating its activities on high-quality office assets in the key gateway cities with high growth perspectives and resilience. Overriding targets of the portfolio strategy are to increase portfolio quality to ensure long-term competitiveness and to expand the core markets of Germany and Austria to more than 80% of the total portfolio in the medium term.

As of 31 December 2022, CA Immo’s Hungarian portfolio consisted of nine office buildings in Budapest with a total lettable area of around 194,000 sqm and a book value of around €460 m. All Hungarian buildings have BREEAM sustainability certification

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