Dedeman owners lead in race to take over CA Immo's office portfolio in Romania

Entrepreneurs Dragoș and Adrian Pavăl, the owners of DIY retailer Dedeman, are seen as frontrunners in the race to buy the entire property portfolio owned by the Austrian real estate investor CA Immo in Romania, Profit.ro announced.

The value of the deal is estimated at EUR 400 mln, which makes it the largest ever recorded on the local real estate market.

CA Immo is going to select one of the five offers received, sources from the real estate market familiar with the process told Profit.ro.

If successful in completing the deal, the Pavăl brothers will become the second-largest office space owners in Romania after Globalworth and surpass competitors such as AFI Europe, Immofinanz and Liviu Tudor.

CA Immo has decided to exit the Romanian real estate market, where it holds an 8% share of its global portfolio, valued at EUR 5.1 bln.

CA Immo's Romanian portfolio is valued at EUR 394.1 mln, has a leasable area of ​​164,557 square meters and generates EUR 29.4 mln in rent annually.

The occupancy rate of office buildings owned by the Austrians in Romania is almost 90%, and the yield is 7.5%, according to the company's latest financial report.

The transaction is likely to become the largest ever made in the Romanian real estate market. Currently, the record was set by NEPI Rockcastle's office portfolio sold to AFI Europe at a price of over EUR 300 mln.

(Photo: Orhideea Towers, courtesy of CA Immo)