The closing of the deal is subject to the conditions usual for such transactions and is expected at the end of 2018.
Campus 6.1 is an A-class office development, offering 22,000 sqm GLA, located in the Central West area of Bucharest in the proximity of the Polytechnic University. Completion is scheduled for Q3 2018 and full occupancy of the building is expected by the end of the year.
During the sales process, CA Immo was advised by Clifford Chance (legal), PwC (tax, financial) and REC (technical). Legal advisers for Skanska were Peli Filip and Dentons.
“Having acquired Millennium Towers in Budapest in 2016 and Spire Building B in Warsaw in 2017, we continue to pursue our target of continuous development and expansion of our CEE core market portfolios with the purchase of Campus 6.1 in Bucharest. The multi-tenant property is very well located and will be nearly fully let by takeover, clearly supporting our overall financial goals,” said Andreas Quint, CEO of CA Immo.
“Recent years have been a great time for Romanian economy. Continuous FDI flows stimulate office market growth. Core investment funds are shifting towards Bucharest assets which offer favorable returns. We are happy to see growing interest in this vibrant market among tenants and buyers,” said Katarzyna Zawodna, President and CEO of Skanska’s commercial development business in CEE.
Campus 6.1 is the first phase of a four-building office complex Campus 6, Skanska’s second development in Bucharest. Campus 6.1 will comprise approximately 22,600 sqm, with eleven floors above ground and two levels of underground parking, including an intelligent parking system.
CA Immo’s Bucharest asset portfolio, which accounted for approximately 7% of its total portfolio at the end of 2017, consists of four office buildings as well as the Orhideea office development in Bucharest. The book value of the investment portfolio comprising around 106,000 sqm was approximately EUR260 million and the occupancy rate stood at 95.4% end-2017.