CA Immo sells hotel and office property in Vienna to Horn Grundbesitz
- Sale of the office building Hotel Savoyen/Mechelgasse 1 in Vienna signed as part of the strategic capital rotation program
- Horn Grundbesitz expands its portfolio with another core property in a prime city center location
Vienna/Düsseldorf, November 11 2022. CA Immo has signed the sale of a building complex consisting of the Hotel Savoyen and the office building at the Botanical Garden in Vienna's third district. The property, which is located in the immediate vicinity of Belvedere Palace and is centrally and conveniently situated, has a total lettable area of approx. 38,150 sqm (GLA) and was acquired by a subsidiary of Horn Grundbesitz KG. The closing is expected for the 1st quarter of 2023.
This property sale is in line with CA Immo´s capital rotation program, targeting to sell non-strategic assets like hotels and sub-scale office buildings below a minimum size. Silvia Schmitten-Walgenbach, CEO of CA Immo: "We have further expanded our portfolio focus on prime offices in recent years and have increased the office share to 93%. With the sale of this building, we are continuing the asset class streamlining and are one step further in terms of our positioning as a specialist for large, modern office buildings with high sustainable and technological standards."
With the acquisition of the Hotel Savoyen/Mechelgasse 1 property, Horn is expanding its portfolio of European core properties in line with its strategy. The transaction is in line with the company's objective of acquiring mixed-use properties with viable and sustainable concepts. Dr. Kevin Meyer, member of the management board at Horn Grundbesitz KG, says: "With our many years of experience in inner city development, we know the importance of flexible usage options. This property, with its modern office space and exciting hotel and conference space, exhibits these characteristics. We are therefore ideally positioned for the future in Vienna's city center with this transaction."
Tenants of the office complex include the current corporate headquarters of CA Immobilien Anlagen AG and the fashion company Peek & Cloppenburg KG, based in Vienna.
The seller was advised by Eastdil on the brokerage side and Cerha Hempel on the legal side, while the buyer was advised commercially by CBRE and PKF, legally by Wolf Theiss, on taxes by LeitnerLeitner and technically by Drees & Sommer.