With the sale of its 51% holding in the Aerozone logistics park to M7 CEREF I in Budapest, CA Immo has completed the strategic withdrawal from the logistics segment that began in 2012. Over the past few years, almost 500,000 sqm of logistical space in total has been sold in Poland, Romania, Hungary and Germany.
CA Immo held a 51% stake in the recently sold Aerozone logistics park in Budapest, which spans approximately 65,000 sqm, through a joint venture with Union Investment Real Estate. The buyer of the logistical property was M7 CEREF I, an M7 managed fund. The parties have agreed not to disclose the purchase price, which is understood to be in the mid-double-digit millions; closing has been confirmed. Law firm CHSH advised the seller in the sale of the Aerozone logistics park.
Photo: MTI / H. Szabó Sándor
According to Frank Nickel, CEO of CA Immo, “We have sold our logistics portfolio to underpin profitable growth in our core business of offices. At the same time we are reducing minority holdings with a view to raising the efficiency of our portfolio management. This largely concludes our programme of non-core sales, which has been in progress since 2012. Alongside logistics, the programme covers the residential segment, smaller office buildings and properties outside of our core cities with a total market value of approximately €1 bn.”
CA Immo is investing the revenue from non-strategic sales in expansion, and particularly the construction of new, modern office properties in Berlin, Munich and Frankfurt.
With the acquisition of 49% minority holdings in one office building in Prague and another in Budapest (finalised in January 2016), the Aerozone logistics park in Budapest became the last remaining property in the C1 portfolio held with joint venture partner Union. The joint venture launched in 2005 was disbanded with the closing of this transaction.
The buyer of the Aerozone logistics park, M7 Real Estate entered the Hungarian market at the end of last year when its CEREF I fund acquired a real estate portfolio from Recovery Zrt., the asset management company for CIB Bank in Hungary. The portfolio consists of two retail centres, the Atom Center in Paks and Csillagvár in Budapest, and the Acélforma industrial hall in Dunaharaszti.
CTP has signed a lease agreement with Fabi Total Grup. The Romanian company, which specialises in the production and storage of professional cleaning agents, has taken approximately 4,700 sqm at CTPark Bucharest South.
The DigestMed medical centre, specialising in gastroenterology services, has opened a clinic spanning over 675 sqm within the Bucharest-based London Office Building, part of the EVO Properties multifunctional hub, following an investment of €1.5 million.
Focus Estate Fund has signed a new lease agreement with HalfPrice, the off-price retailer, for approximately 2,000 sqm of modern retail space at Sosnowiec Plaza in Sosnowiec, Poland.
New appointments
Krzysztof Wróblewski (MRICS) has been named Head of Portfolio Management CEE at Peakside Capital Advisors, responsible for overseeing investments and managing the real estate portfolio. He succeeds Christopher Smith in this role.
Garbe Industrial is reorganising its senior leadership team. CEO Christopher Garbe will now focus on strategic orientation and international activities. Jan Philipp Daun assumes leadership of the Development division alongside his existing Investment and Joint Venture responsibilities. Andrea Agrusow expands her remit to include Portfolio Management while retaining control of Commercial and Real Estate Management. Additionally, Michael Marcinek and Maik Zeranski will now jointly head the restructured Development unit as Management Board Members, succeeding Adrian Zellner.
CPI Property Group is strengthening its leasing structure with the appointment of Agnieszka Baczyńska as Head of Leasing. In her new role, she will be responsible for shaping and executing the leasing strategy across the group’s office and retail portfolio in Poland. At the same time, Izabela Potrykus has been appointed Leasing Office Director. Baczyńska brings more than 20 years of experience in the commercial real estate market. Prior to joining CPI Property Group in 2022, she served as International Leasing Director at Neinver Polska.
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Belgian developer Atenor has sold its @Expo office building in Bucharest to a private real estate investment firm. The 57,666 sqm office building was delivered in 2023 and is currently 29% leased.
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