Vienna-listed property investor and developer CA Immo has sold a second parcel of land in Berlin to residential property firm Groth Group for around EUR 24 mln. The deal comes less than a week after CA Immo concluded a EUR 25.2 mln land deal with Groth in the German capital.
Vienna-listed property investor and developer CA Immo has sold a second parcel of land in Berlin to residential property firm Groth Group for around EUR 24 mln. The deal comes less than a week after CA Immo concluded a EUR 25.2 mln land deal with Groth in the German capital.
The second package comprises plots with a total surface area of just under 88,000 m2 and includes a parcel of land in the Europacity district (which was developed by CA Immo) and the development zone on Lehrter Strasse, north of Berlin’s main station.
CA Immo said it has also sold a plot comprising 2,800 m2 in the Europacity quarter to Michael Haentjes, chief executive and principal shareholder in listed entertainment group Edel. Haentjes plans to build an artistic cube with gross floor space of roughly 6,500 m2 on the site over the next three to four years. The building will accommodate Edel’s book publishing activities, which are located across Germany, thereby providing a base for various interested publishers and other related organisations.
Commenting on the sales, Bruno Ettenauer, CEO of CA Immo, said: ‘By selling these plots of land, we are exploiting the massive potential that exists in Berlin at this time and contributing greatly to our earnings. In line with our strategic objectives, we are significantly reducing the proportion of land reserves in the portfolio while benefiting from the positive market situation in the residential sector in particular.’
CA Immo develops and invests in commercial real estate - in particular offices - in Austria, Germany and Eastern Europe. As of 31 March 2012, the company’s total property assets amounted to some EUR 5.2 bn.
