News Article Budapest CA Immo Hungary investment Investum office
by Property Forum | Investment

CA Immo continues its path of selling non-core property assets with the signing of a sales contract for the Canada Square office building (5,000 sqm) in Budapest. The buyer is Hungarian investor Investum Kft. The sale has closed at a premium of 28% to the book value as at 31 December 2020.

Keegan Viscius, Chief Investment Officer of CA Immo said: “With this profitable sale we continue our strategic capital rotation program where we seek to profitably divest assets with no strategic fit in our long term portfolio. The overriding goal is to sharpen the focus on large, modern office properties in prime locations in our core cities, thereby sustainably increasing portfolio quality and management efficiency. The proceeds of these sales will be reinvested into value accretive investments in core premium office properties, including continued build-out of our prime development pipeline in Germany as well as external property acquisitions.”

Hedwig Höfler, Head of Investment Management AT & CEE added: “With the sale of the Canada Square property, we sharpened our focus on larger, modern Class A office properties in central Budapest. This disposal at a significant premium to book value supports our valuations in a still uncertain market environment. We would like to thank the team at Investum for the efficient and pleasant cooperation.”

Canada Square is a 5,000 sqm small-scale office building located in Budapest’s Central Buda submarket. Constructed in 2004, the property is well maintained and fully occupied.