CA Immo has sold the Meininger Hotel Downtown Franz in Vienna to LLB Immo KAG as part of its strategy to dispose of non-core property assets.
Financial details were not disclosed, although CA Immo revealed that the sale closed at a premium to the book value as at 31 December 2020, in the low double digit millions.
Hedwig Höfler, CA Immo's head of investment management Austria & CEE said: 'With the profitable sale of the Meininger Hotel Downtown Franz, we have further sharpened our focus on large, modern Class-A office properties.
'This is a continuation of our strategic capital rotation programme, where we seek to profitably divest assets with no strategic fit in our long term portfolio.'
After exiting office building Canada Square in Budapest, this is the second portfolio building sold by CA Immo at a significant premium to book value in the second half of 2021. The total sales volume of the two transactions represents almost €30 mln.
CA Immo said that the proceeds of the sales will be used for portfolio acquisitions as well as the value accretive continuation of the company's prime development pipeline in Germany.
The Meininger Hotel Downtown Franz was built by CA Immo and opened in 2011. The 131-room hotel is located in the 2nd district close to the city center between the extensive parks of the Augarten and the Danube Canal.
CA Immo was advised by Christies as a broker.
