CA IMMO SELLS TWO OFFICE PROPERTIES IN COLOGNE
special fund managed by Hansainvest has invested around €55 million in the purchase of the RheinPalais and RheinAtrium office properties in Cologne, which are part of the RheinTriadem® complex. The transaction will reflect positively in CA Immo’s third quarter results for 2009. The properties, from the portfolio of German subsidiary Vivico, comprise a total rentable area of around 16,000 square metres. The two buildings were refurbished and modified by Vivico and now contain modern office space.
Nicholas Brinckmann, managing director of Hansainvest, said that, “We have acquired two absolutely prime properties in a superb location in the shape of these two buildings in Cologne. Most of the rental agreements are drawn up for the long term, and the creditworthiness of the tenants is excellent.”
According to CA Immo Management Board spokesman Bruno Ettenauer, “The two office properties in Cologne developed by our subsidiary company Vivico are good examples of the quality standards upheld in the CA Immo portfolio. There is still a demand for effectively let, high-class real estate in prime locations. Such properties meet the stringent demands of internationally successful companies in terms of image, sustainability and service.”
The two structures, part of the RheinTriadem complex, were renovated and partially rebuilt by Vivico in line with an ambitious architectural concept. Efficient offices, a modern property management concept and sufficient parking space will help to ensure that the properties are an investment for the long term. Vivico is currently developing a utilisation plan for the former railway authority building, which also belongs to the RheinTriadem.
HANSAINVEST Hanseatische Investment GmbH is based in Hamburg. The company, which was established in 1969, is part of the SIGNAL IDUNA Group and ranks as one of the largest insurance and financial services groups in Germany. Around 140 employees manage assets amounting to some €10 billion in 90 mutual funds and 30 or so special funds. In 2002, HANSAINVEST started to offer investment company services to the institutional sector for both real estate funds and securities funds as well as funds of funds. HANSAINVEST manages property assets of approximately €3 billion in the real estate sector.
About CA Immo
CA Immo was founded in 1987 and develops and invests in commercial property (focusing on offices) in Austria, Germany and, via the subsidiary CA Immo International, in Eastern Europe as well. Over the past two years, CA Immo has increased its presence on the German market, and some 60% of the current total property assets of € 3.7 billion (as of 30 June 2009) are now accounted for by Germany. At the end of 2007, CA Immo acquired the German Vivico Group, the leading developer of urban districts in Germany. CA Immo is traded on the Vienna Stock Exchange and currently has a free float of approximately 90%.
Please address any queries to:
CA Immobilien Anlagen AG
Mag. Susanne Steinböck
Tel.: +43/1/532 59 07-533
Thursday, 10. September 2009 10:41