CA Immo has sold its Romanian portfolio to Pavăl Holding
CA Immo sold its portfolio of office buildings in Romania, consisting of seven class A properties located in Bucharest, to Pavăl Holding, which also took over the management team. The transaction is estimated to amount to approximately EUR 377 million. The group owned by the Pavăl brothers thus becomes the second largest owner of office buildings on the local market, after Globalworth.
CA Immo's Romanian portfolio is composed of seven office buildings enjoying an excellent occupancy rate, all located in prime areas of Bucharest, with a gross leasable area (GLA) of approximately 165,000 sqm: Bucharest Business Park (26,700 sqm) , Campus 6.1 (22,700 sqm), Europe House (16,400 sq m), Opera Center I (11,900 sqm), Opera Center II (3,500 sqm), Orhideea Towers (37,000 sqm) and Riverplace (47,000 sqm).
Keegan Viscius, CIO of CA Immo: “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.”
Silvia Schmitten-Walgenbach, CEO of CA Immo: “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.”
CBRE has acted as exclusive financial and real estate advisor, Schönherr as legal advisors to CA Immo on the sale of the Romanian platform.