On September 2, 2021, CA Immo announced it signed a sales contract with Hungarian investor Investum to sell the Canada Square office building.
According to CA Immo, the sale of the 5,000 square-metre asset closed at a premium of 28% to the book value as of December 31, 2020. The office building, constructed in 2004, is located in the west of Budapest and is currently fully occupied.
“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,” commented CA Immo Chief Investment Officer Keegan Viscius. “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.”