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CA Immo sells Romanian Platform to Pavăl Holding

CA Immo has successfully signed the sale of seven office buildings in Bucharest.

The sales price achieved represents a discount of around 3% to the book value as of 30 June 2022. The transaction is not subject to any further conditions and the closing will therefore take place shortly after the signing. Along with the properties, the Romanian CA Immo team was also taken over by the buyer. The portfolio comprises approx. 165,000 sqm of total gross leasable area (GLA) and c. €30.4 m of annualized gross rental income.

Keegan Viscius, CIO of CA Immo: “Over the last years we have expanded, focused, and stabilized 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.”

Use of proceeds from this sale will be focused on investing in existing properties and the development pipeline, balance sheet management, and disciplined external investments taking shareholder and stakeholder value creation into account.

CBRE has acted as exclusive financial and real estate advisor, Schönherr as legal advisors to CA Immo on the sale of the Romanian platform.

“We are very happy to see that the Romanian investors’ growing interest in the office segment. We are proud to have worked on more than 50% of the most important office transactions in Romania this year. Our investment team is cohesive, experienced, and has proven its capabilities,” said Mihai Pătrulescu, Head of Investment Properties, CBRE Romania.

“This is the largest real estate transaction ever in Romania as well as the largest investment ever made by a 100% Romanian company. The CA Immo portfolio, which we represented with complete services, is an extremely solid one, assembled over 20 years. It has an impeccable mix of international and national tenants, buildings with a strategic location and an exceptional retention rate. This is more than a record transaction, it is a defining moment for the Romanian real estate market.” added Laura Dumea-Bencze, Director Investment Properties, CBRE Romania.

The CBRE team included experts in Investment Properties and Investment Banking professionals cross-boarders in Europe.

Benjamin Rouah, Head of Continental Europe, RE Investment Banking CBRE, comments:
“We would like to thank all parties involved. We are very honored to have worked with this transaction, it proves our unique position to advise our clients in real estate platform deals by combining M&A and real estate expertise. This transaction is one of the most complex projects our team has worked on, in an intense timeline.”

In the first nine months of 2022, Romania’s investment market concluded transactions with a total volume of EUR 650 mln., 16% more compared with the same period from 2021, according to the latest data from CBRE Research. It is estimated that by the end of 2022, the total volume of transactions will reach €1.2bn, about 30% more than last year.

CA Immo’s Romanian portfolio comprised seven office buildings with excellent occupancy rates, all located in prime areas of Bucharest, with a total leasable area (GLA) of approximately 165,000 sqm.:

  • Bucharest Business Park (26,700 sq m)
  • Campus 6.1 (22,700 sq m)
  • Europe House (16,400 sq m)
  • Opera Center I (11,900 sq m)
  • Opera Center II (3.500 sq m)
  • Orhideea Towers (37,000 sq m)
  • Riverplace (47,000 sq m)
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