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ROMANIA CA Immo exits Romania with largest ever deal

Investment & finance
Austrian real estate company CA Immo has announced its exit of the Romanian market as it finalises the sale of its seven-building office portfolio in Bucharest to local company Pavăl Holding, the owner of the Dedeman chain of DIY stores.

According to local media, Pavăl Holding was reportedly close to completing the acquisition in early November for a price in the region of EUR 350–390 mln. ‘Eurobuild CEE’ announced CA Immo’s planned sell-off and Romanian exit in August 2022. The Vienna-based company had by then confirmed in its half-year financial report that it had entered into exclusive negotiations with a potential buyer. The portfolio then had a vacancy rate of 2.9 pct and a book value of EUR 393.215 mln. In its latest press release, CA Immo has announced that the sale price represents a 3 pct discount on this value, which would put the price at just over EUR 381 mln. This would make the transaction the largest ever on the Romanian market, surpassing the EUR 307 mln sale of NEPI Rockcastle’s office portfolio to AFI Europe in H2 2020.

The transaction is not subject to any further conditions and will therefore close shortly after its signing. CA Immo’s Romanian team is also to be taken over by the buyer as part of the deal. CBRE has acted as the exclusive financial and real estate advisor, while Schönherr acted as legal advisors to CA Immo.

The 165,000 sqm gla portfolio currently generates app. EUR 30.4 mln of annualised gross rental income. It comprises Bucharest Business Park (26,700 sqm), Campus 6.1 (22,700 sqm), Europe House (16,400 sqm), Opera Center I and II (11,900 sqm and 3,500 sqm), Orhideea Towers (36,300 sqm) and Riverplace (47,000 sqm). The portfolio represented 7 pct of CA Immo’s total portfolio, the bulk of which is in Germany (56 pct before the latest sale), while 10 pct was in Poland, 9 pct in the Czech Republic and Hungary apiece, 8 pct in Austria and 1 pct in Serbia.

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 monetise investments where the rate of return is below our target, and where non-strategic in terms of location, sector and size.
Silvia Schmitten-Walgenbach, the CEO of CA Immo

The proceeds from the sale are to be invested in CA Immo’s existing properties and development pipeline, as well as “balance sheet management and disciplined external investments”, according to the company.

Last December, Pavăl Holding bought the Dacia One office complex (15,000 sqm) in Bucharest from Atenor for EUR 50 mln, followed early this November with the acquisition of the first phase of U Center (33,000 sqm) in the same city from Forte Partners.

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