“We have just signed a deal to buy the CA Immo office space portfolio in Romania,” Dragos Paval, co-founder of Paval Holding and Dedeman, told ZF.
The Paval brothers are buying the office space portfolio of Austria’s CA Immo in an about EUR377 million deal, the largest in Romania.
The price of portfolio in the deal is 3% lower than the value of the buildings as recorded in the reports published on June 30, 2022. The portfolio in Romania was valued at EUR389 million in that report and applying the 3% reduction, the deal stands at EUR377 million. At the end of 2021, when inflation was not at the current level and the war in Ukraine was not affecting the European economy, the portfolio was valued at EUR395.4 million.
The previous record was set by the sale of NEPI-Rockcastle office buildings by AFI Europe for EUR307 million in 2020.
CA Immo’s Romanian portfolio has a GLA of 164,557 square meters, with an occupancy rate of 89.9%. It generates an annual rent of EUR29.4 milion, at a yield of 7.5%.
CA Immo said in the statement announcing the sale of the property in Romania that the buyer also took over the employees of the local office.
Real estate consulting company CBRE advised CA Immo in the sale process.
(English version by Loredana Fratila-Cristescu)