CA Immo sells Meininger Hotel in Vienna

by   CIJ News iDesk III
2021-11-02   09:21
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CA Immo continues its path of selling non-core property assets with the successful sale of the Meininger Hotel Downtown Franz in Vienna. Buyer is the LLB Immo Kapitalanlagegesellschaft m.b.H. The sale has closed at a premium to the book value as at 31 December 2020.

Hedwig Höfler, Head of Investment Management AT & CEE: “With the profitable sale of the Meininger Hotel Downtown Franz, we have further sharpened our focus on large, modern Class-A office properties. This is a continuation of our strategic capital rotation program, where we seek to profitably divest assets with no strategic fit in our long term portfolio.”

After the office building Canada Square (Budapest), this is the second portfolio building sold by CA Immo at a significant premium to book value in the second half of 2021 as part of its strategic capital rotation program. The total sales volume of the two transactions is amounting to almost €30 m.

The overriding goal is to sharpen the focus on large, modern office properties in prime locations in core cities, thereby increasing the overall portfolio quality. The proceeds of the sales will be used for attractive portfolio acquisitions as well as the value accretive continuation of the prime development pipeline in Germany.

The Meininger Hotel "Downtown Franz" was built by CA Immo and opened in 2011. The 131-room hotel is located in the 2nd district close to the city center between the extensive parks of the Augarten and the Danube Canal.

CA Immo was advised by Christies as a broker during the sales process.