CA Immo has successfully completed the sale of five office buildings in Riverside Karlín, Prague, realising a profit on their book value. Along with the properties, the buyer has also taken on the entire Czech CA Immo team. The portfolio comprises approximately 85,000 m² of gross lettable area. With this sale, CA Immo completes its full exit from the Czech market.
Keegan Viscius, CEO of CA Immo: “Our Czech portfolio had already been reduced following the sale of the ‘Visionary’ and ‘Kavci Hory’ office buildings last year. With the comprehensive refurbishment of ‘Danube House’ nearing completion, now is the right time to finalise our exit from the market with the sale of the Riverside Campus in Karlín. I am delighted that the campus will be preserved in its entirety and that our Czech team will continue to manage the portfolio under the new owner’s leadership. Through this sale, we are further sharpening our strategic profile and our modern prime office portfolio, whilst at the same time increasing economies of scale and critical mass in Germany.”
The sale is in line with CA Immo’s long-term investment strategy, which focuses clearly on large, high-quality Class A office properties in prime city-centre locations in Germany. In this context, the company aims to sell properties that do not form part of its core business in terms of asset class, location, building quality, age or potential for value appreciation, thereby continuously optimising the quality of its portfolio. Since 2018, CA Immo has withdrawn from Romania, Serbia, Slovenia, Slovakia, Bulgaria, Russia and Croatia, as well as from all secondary cities in Hungary, Austria and Poland. As a result of these sales, the remaining portfolio has improved in terms of quality, focus, geographical presence, sector and overall cost efficiency.
The proceeds from this sale will be used, amongst other things, for general corporate purposes, value-enhancing investments in the company’s Prime portfolio, the repayment of debt, share buy-backs, the payment of dividends and for external investments should attractive opportunities arise.
CBRE acted as exclusive property adviser on the transaction, whilst Dentons acted as legal adviser to CA Immo.
The Czech portfolio comprises an inner-city office campus comprising five office buildings in the Karlín submarket in Prague 8. The ‘Riverside Karlín’ campus comprises ‘Nile House’, ‘Amazon Court’, ‘Danube House’, ‘Mississippi House’ and ‘Missouri Park’, with a total floor area of around 85,000 m².
