CA Immo has sold a two-building office complex, comprising approx. 27,200 sqm of total lettable space, in Belgrade, Serbia.
The building, which is located close to the city center, was 97% let as of April 30, 2023, with annualized gross rental income of around €4.4m.
Keegan Viscius, CIO of CA Immo: “With this sale, we are reducing our exposure to the non-core market of Belgrade and rotating our portfolio exposure to high-quality, modern office properties in our core markets.”
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 March 31, 2023, CA Immo’s Serbian portfolio consisted of two office buildings in Belgrade – Sava Business Center and Belgrade Office Park (BOP) – with a total lettable area of around 50,000 sqm. Belgrade Office Park has a BREEAM sustainability certification, Sava Business Center is certified according to LEED standard.
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