CA Immo sells Belgrade Office Park
- Sale of a 27,200 m², two-building office complex in Belgrade
- Continuation of the strategic capital rotation program to focus the investment portfolio on high-quality, modern office properties in the core markets
Vienna, 5 June 2023. CA Immo has successfully signed and closed the sale of the Serbian office complex Belgrade Office Park to a domestic investor. With two buildings and an underground car park, the complex comprises approx. 27,200 sqm of total lettable space. The building, which is located close to the city center, was 97% let as of April 30, 2023, with annualized gross rental income of around €4.4m.
Keegan Viscius, CIO of CA Immo: "With this sale, we are reducing our exposure to the non-core market of Belgrade and rotating our portfolio exposure to high-quality, modern office properties in our core markets."
CA Immo pursues a dynamic and value-accretive investment and divestment approach, concentrating its activities on high-quality office assets in the key gateway cities with high growth perspectives and resilience. Overriding targets of the portfolio strategy are to increase portfolio quality to ensure long-term competitiveness and to expand the core markets of Germany and Austria to more than 80% of the total portfolio in the medium term.
CBRE acted as exclusive financial and real estate advisor, CMS as legal advisor to CA Immo in this sale process.
As of March 31, 2023, CA Immo's Serbian portfolio consisted of two office buildings in Belgrade - Sava Business Center and Belgrade Office Park (BOP) - with a total lettable area of around 50,000 sqm. Belgrade Office Park has a BREEAM sustainability certification, Sava Business Center is certified according to LEED standard.
About CA Immo
CA Immo is an investor, manager and developer specialising in large, modern office properties in the metropolitan cities of Germany, Austria and CEE. The company covers a deep value chain in the commercial property sector and has a high level of in-house construction expertise. Founded in 1987, CA Immo is listed on the ATX of the Vienna Stock Exchange and has property assets of around €5.8 bn in Germany (67%), Austria (6%) and CEE (27%).