CA Immobilien Anlagen AG has successfully concluded negotiations with the European Bank for Reconstruction and Development (EBRD) concerning the acquisition of its minority stake in the “E Portfolio”.
EBRD has been a joint venture partner of Europolis since 2001 and consequently of CA Immobilien Anlagen AG following the acquisition of Europolis in 2010.
After the recent sale of logistics assets in Eastern Europe, the portfolio consists of eight yielding office assets (book value approx. €486 mln) as well as four land plots (book value approx. €25 mln). It comprises high-quality office buildings in Prague (Amazon Court, Nile House, Kavci Hory), Bucharest (Europe House, River Place), Budapest (City Gate, Infopark West) and Zagreb (Zagrebtower).
With this acquisition, CA Immo’s share in these assets increases from previously between 65% (respectively 75%), to 100%. The transaction, which is expected to close still in July, will be immediately accretive to recurring earnings (FFO I). All properties are well let above 90%, the average occupancy stood at 94.5% as at March 31, 2015. The gross yield of the portfolio amounted to 7.9% as at the last reporting date (March 31, 2015). The gross purchase price for the EBRD stake amounts to around €60 mln and reflects a discount to the NAV of the portfolio. The loan-to-value ratio of the portfolio stands at around 50%.
Source: CA Immobilien Anlagen AG