May 7 (SeeNews) - Vienna-headquartered real estate rental company CA Immobilien Anlagen Aktiengesellschaft (CA Immo) said on Monday it will acquire the Campus 6.1 office building in Bucharest from Skanska for 53 million euro ($63.4 million).
The closing of the transaction is subject to the conditions usual for such deals and is expected to take place at the end of 2018, CA Immo said in a press release.
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Completion of the building is scheduled for the third quarter of this year, while full occupancy is expected to be achieved by the end of the year.
"Having acquired Millennium Towers in Budapest in 2016 and Spire Building B in Warsaw in 2017, we continue to pursue our target of continuous development and expansion of our CEE core market portfolios with the purchase of Campus 6.1 in Bucharest," CA Immo CEO, Andreas Quint, said.
Campus 6.1 is an A-class office development, offering 22,000 sq m of gross lettable area (GLA). The development is located in the Central West area of Bucharest in the proximity of the Polytechnic University.
“Recent years have been a great time for Romanian economy. Continuous FDI flows stimulate office market growth. Core investment funds are shifting towards Bucharest assets which offer favorable returns,” president and CEO of Skanska’s commercial development business in CEE, Katarzyna Zawodna, said.
Campus 6.1 is the first phase of a four-building office complex Campus 6, the second Skanska’s development in Bucharest.
The property will feature a range of services such as a restaurant and a cafeteria with terraces as well as co-working green spaces equipped with multi purpose furniture and electric sockets and Wi-Fi. Moreover, it will be equipped with an intelligent building management system consisting of an IT Hub in the reception area, a dashboard showing consumption per tenant and floor as well as a virtual reception.
Skanska is one of the leading development and construction companies in Europe. Skanska develops commercial properties in selected home markets in Poland, the Czech Republic, Romania and Hungary, while the residential development is active in Prague and Warsaw. In 2017, Skanska had sales of SEK 37 billion (3.5 billion euro) and about 16,000 employees in its European operations.
CA Immo specialises in office properties in Central European capitals. The company was founded in 1987 and operates in the core markets of Austria, Germany, Poland, Hungary, the Czech Republic and Romania.
CA Immo's Bucharest asset portfolio, which accounted for approximately 7% of the total portfolio of CA Immo as at the end of 2017, consists of four office buildings as well as the Orhideea office development. The book value of the investment portfolio comprising around 106,000 sq m was approximately 260 million euro at end-2017, while the occupancy rate stood at 95.4%.
($ = 0.8361 euro)