CA Immo has closed the sale of the Vizivaros Office Center in Budapest, Hungary to the FLE SICAV FIS real estate fund.
The Vizivaros Office Center is in the Central Buda office submarket in western part of Budapest. It comprises around 14,200 square meters of total lettable space. It was 96% let with annualized gross rental income of around €2.5 million as of 31 December 2022.
Keegan Viscius, CIO of CA Immo, says, “This successful sale in Budapest is another step in our capital rotation programme where we seek to divest assets with no strategic fit in our long-term portfolio while improving our portfolio and cash flow quality.”
Dynamic approach
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 Hungary acted as exclusive financial and real estate advisor in the sale process. Cerha Hempel Hungary was legal advisor to CA Immo.
As of 31 December 2022, CA Immo’s Hungarian portfolio consisted of nine office buildings in Budapest with a total lettable area of around 194,000 square meters and a book value of around €460 million. All Hungarian buildings have BREEAM sustainability certification.
Investor, manager and developer
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 €5.9 bn in Germany (66%), Austria (8%) and CEE (26%).
FLE GmbH is based in Vienna and part of the French LFPI group. LFPI is an independent international multi-asset manager with approximately €25bn of assets under management. The real estate funds managed by LFPI are owners of commercial real properties with an estimated net value of approximately €3.5 billion. FLE GmbH is LFPI’s regional asset manager for real estate investments into DACH and CEE.
