Austrian real estate investor S Immo has sold the Zagrebtower office building in Croatia’s capital Zagreb to Hungary’s OTP Group for an undisclosed sum.
The news comes after the recent portfolio strategy adjustment which anticipates disposals of small and medium-sized offices in Croatia, Slovakia, and Austria.
The office building has a total net area of 26,000 m2 and features a BREEAM International In-Use Excellent certificate.
The transaction is expected to close in the third quarter of 2024, subject to the necessary regulatory approvals.
Tomáš Salajka, member of S Immo’s Management Board, commented: ‘We are pleased with this successful sale, which creates liquidity for investments in other core markets of S Immo.’
Acquired in 2020 from CA Immo, Zagrebtower boasts a prime location in Zagreb's eastern business district, alongside the CBD. This Class-A office complex, completed in 2007, comprises a 22-story tower and a connected nine-story building.
Amenities include an underground garage with over 440 parking spaces and convenient public transportation access. The tenant roster includes prestigious names like the Croatian Ministry of Economy and Sustainable Energy, Bayer pharmaceuticals, and Deloitte auditors.
S Immo also owns the HOTO Tower in Zagreb, a 60-metre office building with 14,700 m2 of lettable space over 15 floors and it remains to be seen whether the Vienna-based company will completely exit the Croatian market.
With this acquisition, OTP Nekretnine, the Croatian real estate subsidiary of OTP Group, will expand its activities on the commercial real estate market from the seaside cities of Pula, Dubrovnik, Zadar and Split by becoming a major player also in Zagreb.
