CA Immo withdraws FFO I annual target 2022
Strategic options for Romanian portfolio being evaluated
The FFO I annual target for 2021 of around EUR 128 m is confirmed. The successful sale of non-strategic assets as part of the strategic capital rotation program is also expected to lead to a strong EBITDA-accretive sales result and a corresponding inflow of liquidity.
The continuous sales activity of non-strategic assets, combined with weaker letting momentum should generate FFO I for 2022 which, from today's perspective, will be below the target of EUR 140 m. This development is largely driven by ongoing uncertainties and delays in the letting markets, especially in connection with the recent worsening of the Covid-19 pandemic in our core markets. The final impact of the pandemic and its economic consequences cannot be conclusively assessed in light of the recent increase in negative developments, but are subject to ongoing evaluation by CA Immo.
In addition, the Management Board and Supervisory Board of CA Immo have decided to start evaluating all strategic options for the core market of Romania, including a potential sale of the entire portfolio.
As a result of the dynamic developments described above, the Management Board intends to specify the FFO I target for the 2022 business year in the first half of next year.