Austrian office-oriented real estate company CA Immo has announced that it is evaluating all strategic options for the Romanian market, including a potential sale of the entire portfolio.
Operating cash flow will fall below target due to unfavorable rental market conditions, says company, speaking of its entire portfolio located in Germany, Austria as well as Central Europe and eastern.
“The final impact of the pandemic and its economic consequences cannot be conclusively assessed in light of recent negative developments, but are continuously monitored by CA Immo,” says a company report, cited by Economica.net .
At the start of the year, CA Immo exited the Slovak market, where it sold an office project with a leasable area of 25,000 square meters.
CA Immo is the fourth office owner in Romania, after Globalworth, AFI Europe and Immofinanz. The rental area of the office buildings in its portfolio, estimated at 390 million euros (8% of CA Immo’s total portfolio), totals 165,000 square meters.
The Romanian portfolio includes office buildings Bucharest Business Park (26,700 m²), Campus 6.1 (22,700 m²), Europe House (16,400 m²), Opera Center I (11,900 m²), Opera Center II (3,500 m²) , Orchid Towers (36,300 m²) and Riverplace (47,000 m²).
(Photo: Nuthawut Somsuk / Dreamstime)