The Paval brothers, a Romanian entreprenurial family which owns the Dedeman hypermarket chain, has acquired the Romanian business of Vienna-headquartered CA Immo.
CA Immo sold seven office buildings in Bucharest for around €370 mln to complete its exit from the country. The sales price achieved represented a discount of around 3% to their book value as of 30 June. The Romanian assets represented 8% of the firm's global portfolio.
CA Immo received offers for the portfolio from five potential buyers, according to reports, before choosing the local landlords whose properties include The Bridge complex in Bucharest.
CA Immo had invested in Romania since 2001. The seven assets held most recently included the Opera Center One and Two, Riverplace, Europe House, Bucharest Business Park, Campus 6.1 and Orhideea Towers, which total a rentable area of approximately 165,000 m2.
Along with the properties, the Romanian CA Immo team was also taken over by the buyer. The portfolio comprises around 165,000 m2 of total gross leasable area (GLA) and €30.4 mln of annualised gross rental income.
Keegan Viscius, CIO of CA Immo said: 'Over the last years we have expanded, focused, and stabilised our Romanian portfolio to be a Class-A office portfolio in some of the most attractive micro-locations in the centre of Bucharest with a strong operational track record.
'I would like to say thank you to the entire Romanian team for their hard work and dedication in helping to achieve this. I am pleased that they will continue to look after the portfolio and its tenants, some of whom they have had a trusting partnership with for many years, under the leadership of the new owner.'
Silvia Schmitten-Walgenbach, CEO of CA Immo, added: 'With this disposal, and exit from the Romanian market, we continue to focus the CA Immo portfolio on high quality modern office properties in our core markets, and to monetize investments where the rate of return is below our target, and where non-strategic in terms of location, sector and size.'
CA Immo said that the use of proceeds from the sale would be focused on investing in existing properties and the development pipeline, balance sheet management, as well as external investments.
The transaction is not subject to any further conditions and the closing will therefore take place shortly after the signing.
CBRE acted as exclusive financial and real estate advisor, and Schönherr as legal advisors to CA Immo.
