CA Immo has completed its strategic withdrawal from the Serbian market with the sale of the Sava Business Center in Belgrade for an undisclosed sum.
This transaction aligns with CA Immo's ongoing strategy to concentrate its investment portfolio on prime offices within its core markets.
The sold office building has a leasable area of around 19,600 sqm. As of the end of 2024, it had an occupancy rate of over 95% and generated an annual gross rental income of approximately €4.0 million.
Keegan Viscius, CEO of CA Immo, stated, "Since 2018, we have withdrawn from Romania, Slovenia, Bulgaria, Russia, and Croatia, as well as from all the secondary cities in Hungary, Austria, and Poland. With this sale, we are exiting another non-core market, improving portfolio focus and overall cost efficiency, and rotating our portfolio exposure to high-quality, modern office properties in our core markets."
The proceeds from the sale will support an investment program that includes the expansion of the development pipeline in Berlin and potential acquisitions.
CBRE served as the real estate broker for the deal, while CMS provided legal counsel to CA Immo.
