CA Immo in final stages in bidding for Hesse portfolio

Austrian real estate investment company CA Immo has confirmed it is in the final stages of the bidding process for the 'Leo II' portfolio of properties in the German state of Hesse. The portfolio consists of 36 state-owned properties which are to be sold in a sale-and-lease-back agreement. The German media has speculated that the sales price will be around EUR 770 mln, but CA Immo declined to disclose any further information. Researchers at merchant bank Kempen & Co. said gross initial yields on similar transactions in Germany are usually in the range of 6-6.CA Immo is one of Austria's oldest real estate investment companies.

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