CA IMMO, a Vienna-based real estate company, and Union Investment Real Estate, a German real estate investment manager, successfully sold their co-owned logistics centre named Aerozone, thus completing the strategic process of CA Immo’s withdrawal from the logistics segment.
Aerozone, the last logistics facility co-owned by CA Immo, is strategically located near Budapest Ferenc Liszt International Airport and has a total floor area of 65 000 sqm.
The Buyer is an M7-managed fund, M7 CEREF I. The parties have agreed not to disclose the exact purchase price, which is believed to be in the mid-double-digit EUR million range.
‘We sold our entire logistics portfolio in order to keep growing our core business, the office segment, profitably. At the same time, we are reducing minority holdings to raise the efficiency of our portfolio management’ added Frank Nickel, CA Immo’s CEO.
CA Immo and Union Investment were advised by CHSH. "We are happy to have again successfully contributed to CA Immo's divestment strategy streamlining its portfolio. Again we underlined our expertise in the CEE region", says Mark Krenn, Head of CEE Real Estate Practice of CHSH who led the team that provided support and advice during the transaction.
The Hungarian CHSH team was led by Budapest based Partner Wilhelm Stettner.
‘Our continuous legal support was highly professional during the whole process, which not only ensured the smooth closing of the deal, but also enabled us to focus on the business side of the sale, knowing that Mr Stettner’s skilful team will take care of all legal problems.’ said Peter Tatzl, CA Immo’s Head of Investment Management CEE.
Ingo Steinwender, Group Head Legal Affairs of CA Immo adds: “In this transaction we repeatedly relied on the expertise of CHSH in a major transaction in CEE. In particular, Wilhelm Stettner contributed significantly to the successful closing of the Transaction by its proactive approach and perfect understanding of our requirements. We have been working with CHSH in several major transactions in the last two year and plan to keep up our successful cooperation with their experienced, focused and business-friendly real estate team in CEE lead by CHSH partner Mark Krenn also in the future."