The Supervisory Board of CA Immo has decided on the reclassification of Hungary to strategically non-core, and simultaneously authorised the Management Board to initiate all relevant activities related to exiting the market, either through platform sale, sub-portfolio sale, or individual asset sales. The company wants to concentrate on its core portfolio, located predominantly in Austria and Germany. Last autumn the firm abandoned another CEE market, Romania.
According to portfolio.hu, there are eight prime office buildings in CA Immo's Hungarian portfolio which will be put on the market shortly. These buildings offer a total of 180,000 sqm of modern office space in Budapest in favourable locations in different submarkets in the capital both Pest and Buda side. The book value of the portfolio was approximately €460 million at the end of last year.
The Group started expanding into the CEE region in 1999 by acquiring properties in Hungary and the Czech Republic. Apart from Austria and Germany, CA Immo holds assets in Prague and Warsaw. Its core business involves letting, managing and developing office buildings.
