CA Immo has sold the Saski Point office building in the center of Warsaw to an unnamed Polish investor. Financial terms were not disclosed, but the transaction was reported by CA Immo to have been completed at a premium to the last reported book value.
The 30-year-old multi-tenant Saski Point office building has a gross rental area of approximately 8,300 square meters. According to CA Immo, “the sale is in line with CA Immo’s long-term investment strategy, which has a clear focus on large, high-quality Class A office properties in prime inner-city locations. As part of this strategy, CA Immo sells properties that do not correspond to the core business in terms of asset class, location, building quality, age or value creation potential, thereby continuously optimizing the quality and sustainability of the real estate portfolio.”
“The successful sale of Saski Point is a further step in the implementation of our strategic capital rotation program,” said CA Immo CEO Keegan Viscius. “The proceeds from this sale will be used, among other things, to reinvest in our organic development pipeline at a higher rate of return, to meet the company’s ongoing liquidity needs and to make selective external investments should opportunities arise.”
The Greenberg Traurig law firm advised CA Immo on the deal. “We congratulate CA Immo on the successful sale of the Saski Point property,” said Radomil Charzynski, Deputy Managing Partner of the firm’s Warsaw office. “We are pleased to have been able to support our client on this transaction, which confirms their confidence in our expertise and capabilities.”