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Nov 22, 2022 16:21 EEST
November 22 (SeeNews) - Vienna-headquartered real estate company CA Immobilien Anlagen Aktiengesellschaft (CA Immo) said on Tuesday it has sold its Romanian portfolio consisting of seven office buildings in Bucharest.
The sales price achieved represents a discount of around 3% to the book value as of end-June 2022, CA IMMO said in a press release.
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The transaction is not subject to any further conditions and the closing will therefore take place shortly after the signing. Along with the properties, the Romanian CA Immo team was also taken over by the buyer.
Neither the buyer's name nor the value of the deal were disclosed.
The portfolio comprises approximately 165,000 sq m of total gross leasable area and around 30.4 million euro ($31.25 million) of annualised gross rental income.
CA Immo's seven office buildings in Bucharest are Campus 6.1, Bucharest Business Park, Europe House, Opera Center I, Opera Center II, Orhideea Towers and Riverplace, according to its website.
"With this disposal, and exit from the Romanian market, we continue to focus the CA Immo portfolio on high quality modern office properties in our core markets, and to monetize investments where the rate of return is below our target, and where non-strategic in terms of location, sector and size,” CA Immo CEO Silvia Schmitten-Walgenbach said.
Use of proceeds from this sale will be focused on investing in existing properties and the development pipeline, balance sheet management, and disciplined external investments taking shareholder and stakeholder value creation into account.
CA Immo announced it has entered exclusive negotiations for the sale of its Romanian portfolio in August.
Founded in 1987, CA Immobilien Anlagen AG controls property assets of around 6.3 billion euro in Germany, Austria and Eastern Europe.
($ = 0.9729 euro)
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