Pavăl Holding pays EUR 377 mln for CA Immo's office portfolio in Romania
Pavăl Holding, owned by the founders of DIY chain Dedeman, has signed the contract for acquiring for EUR 377 mln the portfolio of seven office buildings in Bucharest held by Austrian real estate developer CA Immo.
This is Pavăl Holding's fourth major real estate deal after The Bridge (Bucharest, EUR 200 mln), The Office (Cluj-Napoca, EUR 120 mln) and Dacia One (Bucharest, EUR 50 mln) and brings the holding's real estate portfolio close to EUR 750 mln.
"We have just signed the acquisition of the CA Immo offices in Romania," Dragoş Pavăl, co-founder of Pavăl Holding and Dedeman, told Ziarul Financiar.
"This is the largest real estate transaction ever made in Romania, being also the largest investment made by a 100% Romanian company", commented Laura Dumea-Bencze, Director Investment Properties, CBRE Romania. CBRE has advised CA Immo in the deal.
"The transaction is not subject to any other conditions, and closing will occur shortly after signing. Along with the properties in the portfolio, the Romanian team of CA Immo was also taken over by the buyer. The portfolio includes approximately 165,000 square meters of total gross leasable area and approximately EUR 30.4 mln of gross annual rental income," the Austrian company announced.
The price of the portfolio is 3% smaller compared to the value of the buildings recorded in CA Immo's report published on June 30, 2022 (EUR 389 mln).
(Photo source: CA Immo)