CA Immo expects Tower 185 deal soon

Vienna-listed CA Immo says it is entering into exclusive talks with a bidder about the partial sale of Tower 185 in Frankfurt.

During the announcement of the real estate company's Q1 results, CEO Bruno Ettenauer gave an update on what he described as the 'single most important transaction in the months ahead.'

'We´re now entering, as planned, into exclusive negotiations with a bidder and expect a successful outcome to be confirmed during the summer,' Ettenauer said.

The 200-metre tower comprises 100,000 m2 of leasable area and was completed by CA Immo in late 2011.

CA Immo is seeking to sell a 75% stake in the high-rise tower. In March, market sources told PropertyEU that the vendor has hired CBRE to market the asset valued at around €400 mln.