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Property sales in 2017 generated proceeds of € 370 m, clearly above book value

• Strong year-end result: Sales proceeds in full year worth approx. € 370 m, close to € 340 m generated in the fourth quarter of 2017

• Excellent international market environment used for sales on average more than 10% above last book value – significant revaluation gains were posted additionally

• Net inflow of more than € 250 m creates liquidity for further dynamic implementation of current project pipeline and growth through asset acquisitions in 2018

Vienna, 11 January 2018. In 2017, CA Immo successfully signed property sales with a total volume of approx. € 370 m. Around 90% of sales proceeds were accounted for by contracts signed in the fourth quarter of 2017 – among them the sale of the Frankfurt Tower 185, CA Immo's largest single transaction of the year. Sales prices achieved in 2017 on average were more than 10% above the book values reported for the individual properties. Moreover, prior to contract signing, additional revaluation gains totalling more than € 50 m were posted for those buildings in the first three quarters 2017. After deduction of liabilities, overall sales proceeds brought in liquid funds amounting to more than € 250 m.

Andreas Quint, CEO of CA Immo: "The excellent sales result achieved in 2017 has even exceeded our expectations. We could make good use of the currently strong investment markets in Germany, Austria and CEE for profitable sales, which were concluded above book value despite significant upward revaluations upfront."

Major single transactions in 2017
Early in December, Deka acquired the CA Immo-developed Tower 185 office high-rise in Frankfurt at a total purchase price of € 775 m, representing the largest single building transaction in the German investment market in 2017. The share of CA Immo in the property accounted for approx. one third. In mid-December the sale of the AVA-Hof building located in the city centre of Salzburg, which comprises a retail and office area of close to 9,000 sqm, was finalised. Both transactions were closed early in January. The sale of AVA-Hof and of other apartment buildings, such as in Vienna's Döblinger Hauptstraße, largely completes the focusing activities of the Austrian portfolio on office properties in Vienna.
At the end of November CA Immo sold the 13,700 sqm Infopark office building in Budapest in the wake of local portfolio optimisation, following the large-volume purchase of the Budapest Millennium Towers in 2016.
The most profitable CA Immo transaction in 2017 was completed in Berlin in the second quarter of the year: Built in the 1960s and refurbished in 1998, the office and commercial building - comprising an area of approx. 3,250 sqm - located in Berlin's Lietzenburger Straße close to Kurfürstendamm was sold in order to rejuvenate the portfolio. 

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Susanne Steinböck
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