CA Immo has successfully completed the sale of five office buildings in the Riverside Karlín area in Prague, sealing its complete exit from the Czech market. The transaction was agreed at a premium to balance sheet book value. In addition to the properties, the purchaser is acquiring the real estate company's entire Czech operating organisation, ensuring that the existing team will continue to manage the assets.
The divested portfolio in the Karlín submarket in Prague's District 8 comprises a gross lettable area of around 85,000 square metres. The contiguous campus includes the five properties Nile House, Amazon Court, Danube House, Mississippi House and Missouri Park. The sale follows a phased reduction of Czech activities, after the Visionary and Kavci Hory office properties were already sold in the previous year.
Strategic refocusing on core German markets
According to Keegan Viscius, CEO of CA Immo, the market exit occurred shortly before the completion of the comprehensive refurbishment of Danube House. Viscius stated that the Riverside campus would be preserved as a single entity and that the local team would continue asset management under the new ownership. The sale serves to sharpen the portfolio profile towards modern prime office properties and deliberately expand economies of scale and critical mass in Germany.
The transaction is in line with the group's long-term investment strategy, which prioritises large-scale Class A office properties in central locations in major German cities. Assets that do not match this core in terms of location, building age, structural quality or development potential are being systematically disposed of. Since 2018, CA Immo has already withdrawn from Romania, Serbia, Slovenia, Slovakia, Bulgaria, Russia and Croatia, as well as from all secondary cities in Austria, Poland and Hungary.
The proceeds released are to be used for general corporate purposes, value-enhancing investments in the existing prime portfolio, debt repayment, and dividends as well as share buybacks. The funds are also available for external acquisitions should suitable market opportunities arise. CBRE acted as exclusive property advisor on the transaction, while Dentons provided legal counsel to CA Immo.
