CA Immo sells the Romanian office portfolio, the team is taken over by the buyer – as the developer informs on its website. The sale affects 165,000 sqm in the 7-building Bucharest office portfolio. The acquisition makes Pavăl Holding the city’s second-largest office landlord.
CA Immo has successfully signed the sale of seven office buildings in Bucharest. The sales price achieved represents a discount of around 3% to the book value as of 30 June 2022. 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. The portfolio comprises approx. 165,000 sqm of total gross leasable area (GLA) and c. €30.4 m of annualized gross rental income.
A Class-A stock handover
Keegan Viscius, CIO of CA Immo thanked the team for helping to build and look after such a portfolio. “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.”
Focus on core markets
Silvia Schmitten-Walgenbach, CEO of CA Immo said about the future: “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 that are non-strategic in terms of location, asset class 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.
Romanian investors’ growing interest
CBRE acted as the exclusive financial and real estate advisor to CA Immo. Referring to the transaction between CA Immo and the buyer Pavăl Holding – now becoming the city’s second-largest office landlord – Mihai Pătrulescu, Head of Investment Properties, CBRE Romania said: “We are very happy to see the Romanian investors’ growing interest in the office segment. We are proud to have worked on more than 50% of the most important office transactions in Romania this year.”