Vienna-headquartered CA Immo has successfully closed the sale of the Serbian office complex Belgrade Office Park to a domestic investor.
Financial details were not disclosed.
With two buildings and an underground car park, the complex comprises some 27,200 m2 of total lettable space. The building, which is located close to the city center, was 97% let as of April 30, 2023, with annualized gross rental income of around €4.4 mln.
Keegan Viscius, CIO of CA Immo said: 'With this sale, we are reducing our exposure to the non-core market of Belgrade and rotating our portfolio exposure to high-quality, modern office properties in our core markets.'
CA Immo said its strategy included expanding the core markets of Germany and Austria to more than 80% of the total portfolio in the medium term.
As of 31 March, CA Immo's Serbian portfolio consisted of two office buildings in Belgrade - Sava Business Center and Belgrade Office Park (BOP) - with a total lettable area of around 50,000 m2.
Belgrade Office Park has a BREEAM sustainability certification, Sava Business Center is certified according to LEED standard.
CBRE acted as exclusive financial and real estate advisor, CMS as legal advisor to CA Immo in this sale process.