S Immo, a subsidiary of the CPI Property Group, has divested the Hoto Business Tower in Zagreb, Croatia.
Located on the south-western edge of Zagreb’s central business district, the 60-metre office tower comprises a total leasable area of around 15,500 m2 over 15 storeys, while the three sub-levels house 249 parking spaces. Occupants include pharmaceutical company Pliva, the consumer goods manufacturer Atlantic, and flexible office solutions operator Regus.
According to local media reports, the buyer is Slovenian entrepreneur Miha Ažman, who also owns the Hypo-Alpe-Adria bank complex on Slavonska Avenija in Zagreb. His family's property holdings in Slovenia include the prestigious Tartini Hotel in Piran and the Rotonda business complex in Ljubljana.
Tomáš Salajka, member of S Immo’s Management Board, commented: ‘The Hoto Business Tower was S Immo's last existing property in Zagreb. With the sale, we have now completely exited the Croatian market. We are delighted with the successful sale, which once again creates liquidity for investments in S Immo's other core markets.’
The sale of the Hoto Business Tower is part of CPI Property Group’s strategy of gradually withdrawing from the Croatian office market. The most recent sale was Zagrebtower to OTP Grupa in March, following the disposal of the Grand Center Office in February and Eurocenter to Atlantic Grupa in December 2023.
Hoto Business Tower stands as Croatia’s first skyscraper built post-independence. Developed by Tomislav Horvatincic, it was later sold alongside the Hoto Castellum Center by Hypo Alpe-Adria Immobilien in 2005. Subsequently acquired by German real estate firm Signa for €71.6 mln, the tower eventually became part of CPI Property Group’s portfolio in 2020 through its subsidiary, S Immo.
Meanwhile, CPI Property Group and Immofinanz have signed a framework agreement to investigate potential avenues for closer collaboration, including a business combination, cross-border merger, or other strategic partnership. The aim of the initiative is to optimize the group's capital structure to capture both operating and cost efficiencies for shareholders.
