Vienna-based listed CA Immo, the centre of a merger concept developed by senior shareholder and peer Immofinanz, said it signed property sales last year for some €370m at an averaged of 10% over book value. Some 90% were signed in 4Q17, with the largest being Frankfurt's Tower 185.
In a release CA said it booked additional revaluation gains of more than €50m for those buildings sold in the first three quarters of 2017. For the year as a whole, overall sales proceeds brought in liquid funds amounting to more than €250m after deduction of liabilities.
"The excellent sales result achieved in 2017 has even exceeded our expectations," said Andreas Quint, who took over as CEO at the start of this year after the resignation of predecessor Frank Nickel. "We were able to make good use of the currently strong investment markets in Germany, Austria and CEE for profitable sales, which were concluded above book value despite significant upward revaluations upfront."
Early in December, the Deka group acquired the CA Immo-developed Tower 185 office high-rise in Frankfurt at a total purchase price of €775 m, representing the largest single building transaction in the German investment market in 2017. The share of CA in the property accounted for about one-third. In mid-December it finalised the sale of the AVA-Hof building located in the city centre of Salzburg, Austria, which comprises a retail and office area of close to 9,000 sqm. Both transactions were closed early in January.
At the end of November CA Immo sold the 13,700 sqm Infopark office building in Budapest in the wake of local portfolio optimisation following the large-volume purchase of the Budapest Millennium Towers in 2016. The most profitable CA Immo transaction in 2017 was completed in Berlin in the second quarter of the year: Built in the 1960s and refurbished in 1998, the office and commercial building - comprising an area of approx. 3.250 sqm - located in Berlin's Lietzenburger Straße close to Kurfürstendamm was sold in order to rejuvenate the portfolio.
CA Immo controls property assets of €4.1bn in Germany (45%), Austria (14%) and Eastern Europe (41%).