CA Immo has announced it has successfully closed the sale of the office property Kavci Hori in the Prague 4 submarket of Pankrac to the Conseq Group.
The building comprises approximately 42,300 square meters of gross lettable area and 700 parking spaces, with annualized gross rental income of around EUR 7.7 million, occupancy of 96%, and a weighted average unexpired lease term of nearly four years.
“Upon achieving nearly full occupancy, our business plan for Kavci Hori is completed,” CA Immo Chief Executive Officer Keegan Viscius commented, “and, with this sale, we take advantage of market liquidity to free up capital for alternative allocation options, and monetize future profits where only limited further value creation exists under our business model.”
According to CA Immo, the sale aligns with its “long-term investment strategy, pursuing a focus on large Class A office properties in prime inner-city locations. As part of this strategy, CA Immo is selling properties that do not correspond to the core business in terms of asset class, location, building quality, age, or value creation potential, continuously optimizing the quality and sustainability of the property portfolio. The proceeds from the sale may be used for general corporate purposes, accretive investment in the company’s prime portfolio, repayment of debt, buyback of shares, or external investment should attractive opportunities arise.”
CBRE acted as commercial advisor and Dentons acted as legal advisor to CA Immo in this sale process.
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