CA Immo acquires administrative complex in Berlin

Vienna-listed CA Immo announced on Friday that it has acquired a 35,000 m² administrative complex in the Spreebogen quarter of central Berlin. Most of the two-building property is rented to the Berlin Administrative Court, the Tiergarten District Court and the Public Prosecutor's Department. The remaining area consists of retail, office and residential elements. The financial details were not disclosed. The lease agreements with the Berlin authority, the most important tenant, run until 2013 and 2014 for the two buildings.

CA Immo said the office market in the German capital has developed very favourably recently. 'The number of vacant properties has dropped (currently about 9.7%), and peak revenues are increasing owing to the noticeable scarcity of properties with attractive, coherent areas of over 1,000 m².'

The company said that its expansion in Germany - part of CA Immo's core market alongside Austria - is part of its strategy to purchase larger properties and property packages to lay the foundation for 'sustainable returns on the exciting property market of Western Europe'.

CA Immo was founded in 1987 and invests in offices, business hotels, shopping malls, logistics parks and warehouses. The total portfolio was valued at EUR 2.2 bn as of end-June this year. The company reorganised its structure in 2006 by putting CA Immo in charge of its Western Europe portfolio and CA Immo International was created to manage its activities in Eastern Europe. CA Immo New Europe was set up as a property fund for projects, and H1 Hotelfonds as a property fund in the hotel sector.