CA Immo has completed the sale of five office buildings forming the Riverside Karlín campus in Prague, marking a full exit from the Czech Republic. The portfolio totals approximately 85,000 sqm of gross leasable area and was sold at a profit to book value. The entire local Czech CA Immo team has been taken over by the buyer.
"Our total exposure to the Czech Republic has already shrunk following the sales of the Visionary and Kavci Hory office buildings last year, and now, as we near completion of the Danube House refurbishment, is the right time to conclude our market exit with the sale of the Riverside campus in Karlín," said Keegan Viscius, CEO of CA Immo. "I am pleased that the campus will remain intact, and also that our local Czech team will continue to look after the portfolio under the stewardship of the new owner."
The Riverside Karlín campus, located in the Prague 8 submarket, comprises five buildings: Nile House, Amazon Court, Danube House, Mississippi House and Missouri Park. The transaction continues CA Immo's capital rotation programme, which targets properties considered non-core in terms of asset class, location, building quality, age or value creation potential. Since 2018, the company has withdrawn from Romania, Serbia, Slovenia, Slovakia, Bulgaria, Russia and Croatia, as well as from secondary cities in Hungary, Austria and Poland.
Proceeds from the sale are intended for general corporate purposes, investment in the existing portfolio, debt repayment, share buybacks, dividend distribution and potential external investment. CBRE acted as exclusive real estate adviser and Dentons as legal adviser to CA Immo on the transaction.
CA Immo did not disclose the identity of the buyer, but information published by the Czech competition authority makes clear that the portfolio was acquired by Trinity Bank, controlled by Czech financier Radomír Lapčík. The authority approved Trinity Bank’s acquisition of the Riverside Karlín portfolio in September. The purchase price has not been officially disclosed, although Czech media have previously reported a figure of around €300 million.
