Vienna, 13.12.2013. CA Immobilien Anlagen AG has successfully concluded negotiations with AXA Investment Managers Deutschland GmbH concerning the acquisition of a 49% share in the “P1” Portfolio in Warsaw. The total market value of the portfolio, which was formerly held in the form of a joint venture between CA Immo and AXA Immoselect, is approximately EUR 280 m as at September 30, 2013. The outstanding share was acquired below the current net asset value (NAV) of the portfolio. Closing for the transaction is expected in 2013.

The portfolio comprises the Sienna Center, Saski Crescent, Saski Point, Bitwy Warszawskiej and Warsaw Towers office properties, which offer a combined usable space of around 125,000 sqm. Four of the buildings are located in Warsaw’s Central Business District (CBD). 

According to Dr. Bruno Ettenauer, Chief Executive Officer of CA Immo, “Alongside the selective repayment of liabilities, the acquisition of 49% of these core properties in Warsaw, one of our most important strategic markets, is a big first step in the effective utilisation of significant capital inflows from recent sales transactions. The investment will consolidate our presence in prime areas of Warsaw while significantly raising our cash flow from investment properties over the long term. This transaction also enables us to acquire attractive core properties below present market values, which will have a suitably positive impact on the NAV of CA Immo.”