News Article Croatia investment office SEE Zagreb
by Property Forum | Investment

Fortenova Group has signed a contract with Agram Group for the sale of the  Cibona Business Tower in Zagreb. The asset comprises office premises on 16 floors as well as garage areas amounting to 6,700 square meters overall. In accordance with the contract, the pruchase price is not being disclosed.

The Cibona Business Tower is one of Zagreb’s most representative office buildings. It is located in the centre of the city, at a prestigious and easily accessible location, and since it was built as part of the sports hall complex for the purpose of the 1987 Universiade it has become one of the city’s most recognizable landmarks.

“After having largely completed the processes of divesting our non-core companies, the focus has been shifted to the sale of non-core real estate. We are happy to have found, within a very short time, a partner who will, I am sure, provide the required investment into this well-known building," said James Pearson, Fortenova Group’s Chief Financial Officer.

“The Cibona Tower is an iconic building of the City of Zagreb and a great fit in the real estate portfolio of the Agram Group. Having recognized this investment opportunity we continue to invest in the local economy, and this acquisition coincides with the 30th anniversary of the Agram Group’s successful operations,” said Ivana Bratanić, Vice President of Agram Group.

Agram Life Osiguranje d.d. is among the biggest insurers in SEE.