Large office space owners in Romania start merger
Austrian real estate investor Immofinanz has completed the acquisition of a 26% stake in Austrian investment fund CA Immo from Russian billionaire Boris Mints. This is the first step towards a merger of the two companies, which together own 15% of Romania’s office space.
The deal, which was announced in April, amounts to EUR 604 million. Boris Mints bought a 26% stake in CA Immo two years ago.
The properties of Immofinanz in Romania represent 15.5% of the company’s total portfolio. The company has 76 properties (19 standing investments, 2 developments, 9 real estate inventories and 46 pipeline projects) with a carrying amount of EUR 852.5 million. The group has sold its logistic properties in Romania to American group Blackstone as part of a bigger international transaction, in February this year.
CA Immo holds five office buildings with a rentable area of 106,000 sqm in Romania and a total value of EUR 275 million, or 8% of its total portfolio. The company recently started work on the 36,900 sqm Orhideea Towers office project in Bucharest.