CA Immo reports lower revenues in Romania in Jan-Mar
Austrian real estate developer and investor CA Immo announced it collected rents worth EUR 19.5 million from its Romanian properties in the first quarter of 2019, down 3.5% compared to the same period in 2018, Economica.net reported.
Romania Insider · Journalist
· Updated · 1 min read
Austrian real estate developer and investor CA Immo announced it collected rents worth EUR 19.5 million from its Romanian properties in the first quarter of 2019, down 3.5% compared to the same period in 2018, Economica.net reported.
However, the Romanian properties in its portfolio generated the highest yield among the major countries where CA Immo operates: 7.4%, indeed down from 7.8% from the first quarter of 2018 but still above the 7.2% average in Hungary, 6.2% in Poland, 6% in the Czech Republic, 5.3% in Austria, and 4.5% Germany.
The occupancy rate of office buildings owned in Romania is 92% and the total assets of the company are worth more than EUR 3.7 billion.
CA Immo is one of the first investors in the Romanian office market, where it entered in the early 2000s, by taking over the office buildings Opera Center I and II from Portland Trust. Later it took over the Europolis investment fund, which owned Europe House and River Development.
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