CA Immo International aquires two office buildings in eastern Europe
• Completed office properties acquired in Belgrade and Budapest
• Total rentable effective area of around 51,000 sqm
• Prestigious development projects finalised despite tough market conditions
According to plan, CA Immo International has added two ultra-modern office buildings to its portfolio following their completion. These are the first section of Capital Square, an office/commercial building in the heart of Budapest, and the Sava Business Center office development in Belgrade. Capital Square had been acquired under the terms of a forward purchase before construction work started, whilst the Sava Business Center was developed by the CA Immo New Europe Property Fund, the specialist fund for eastern Europe.
According to Bruno Ettenauer, CA Immo International management board spokesman: “These two completed properties are top quality additions to our portfolio. Since we invest from a long-term perspective, we are able to finalise high profile projects even in tough times. In this way, we also underline our commitment to our markets.” Financing with outside capital was secured for both transactions. Reputable anchor tenants had signed up before the buildings were ready for occupancy, and letting activities will now be stepped up.
The Capital Square office building
The first of two construction phases for this state-of-the-art office/commercial complex is located in central Budapest. The project, developed by HOCHTIEF, offers rentable effective area of approximately 32,500 sqm. The main features of the eight-storey Capital Square building are its superior architecture, low energy consumption and excellent infrastructural links. Highly regarded companies have already been signed up as tenants; the largest tenant to date, Budapest-based electric company ELMÜ, is joined by a branch of the UniCredit Group and international confectionery manufacturer Ferrero.
The Sava Business Center
Ideally placed in New Belgrade, the central business district of the Serbian capital, the Sava Business Center is situated next to the Hyatt Regency Hotel, the Usce Tower and a shopping centre. With a rentable effective area of around 18,500 sqm and 400 parking spaces (including an underground car park), the brand new eight-level office building has raised the bar on the Belgrade office property market thanks to its high technical standards. Demand from would-be tenants is accordingly strong: the MERIDIAN Bank, the biggest tenant attracted so far, will establish its offices and a subsidiary in the Sava Business Center. Final contractual negotiations are currently under way with another major bank.
About CA Immo International
CA Immo International is part of the CA Immo Group and a subsidiary of CA Immobilien Anlagen AG. The company focuses on investment activities in (south)eastern Europe and invests mainly in commercial real estate (offices, commerce and logistics). CA Immo International operates as a project developer in the region through its majority holding in the CA Immo New Europe Property Fund. Its shares are traded in the prime market segment of the Vienna Stock Exchange.
Tuesday, 07. July 2009 10:00