Money Buzz! Europa

Tag: CA Immo

  • CA Immo exits Croatia with sale of Zagrebtower office building

    CA Immo exits Croatia with sale of Zagrebtower office building

    CA Immo signed and closed the sale of the Zagrebtower office building to Austrian property company S IMMO AG at a 5% premium to H1 2020 book value.

    Zagreb Tower is a class A building in an up-and-coming business district in the heart of the Croatian capital. The 79-metre structure is one of the most impressive landmark buildings in Zagreb.

    The office tower with a total of 25,900 sq m of rentable area on 22 floors and a 9-floor side wing offers a comprehensive range of services and facilities

    The building has a reception in the ground floor entrance area, an underground car park and around 500 outdoor parking spaces.

    Zagrebtower meets high sustainability standards and has a BREEAM Excellent certification. The property generated € 3.6 m of annual gross rental income and was fully let (99%) as at 30 June 2020.

  • CA Immo completes sale of Cube Berlin to Nuveen Real Estate

    CA Immo completes sale of Cube Berlin to Nuveen Real Estate

    CA Immo has closed the sale of Cube Berlin, a 17,500 sqm office property, to Nuveen Real Estate, one of the largest investment managers in the world.

    Cube Berlin was developed by CA Immo and completion took place in February 2020 after around three years of construction.

    Construction management was handled by the CA Immo construction subsidiary omniCon.

    CA Immo invested around € 100 m in the building, which was sold to Nuveen Real Estate in a share deal transaction before construction started.

    The office building is located between the Government district and the main railway station, next to the River Spree. It is part of the Europacity urban district development, which is one of the most important urban development areas in Berlin.

    The asset is 100% pre-let to tenants including Deutsche Bahn AG, Gleiss Lutz and RA Micro.

  • CA Immo rental income 7.2% up in the first three months

    CA Immo rental income 7.2% up in the first three months

    In the first three months of 2020, CA Immo recorded growth in rental income of 7.2% to € 62.4 m (2019: 58.3 m).

    The net result from renting after the first quarter was € 49.6 m (2019: € 46.7 m), a rise of 6.1% on the previous year.

    The efficiency of letting activity, measured as the operating margin in rental business (net rental income to rental income), stood at 79.4% slightly below the previous year’s value of 80.2%.

    The book value of property assets at € 5.2 bn

    Property assets include investment properties (87% share of the total portfolio) and investment properties under development (13%).

    The value of the investment portfolio increased to roughly € 4.5 bn (31 December 2019: € 4.3 bn) as a result of the takeover of further project completions, and is distributed among CEE (45%), Germany (43%) and Austria (12%).

    The portfolio yield was 5.4% and the occupancy rate stood at 95.2%. 

    Investment properties under development include projects under development and land reserves (incl. short-term property assets) with a total book value of around € 682.6 m, of which Germany accounts for 97% and CEE for 3%.