Austrian real estate investor CA Immo has sold a non-core office property in the city of Vienna.
The firm said that it divested the Wolfganggasse 58-60 office building, covering 20,300 m2, at a significant premium to the book value as at December 31 2020.
Said Keegan Viscius, chief investment officer of CA Immo: 'With this further profitable sale we continue our strategic capital rotation program where we seek to profitably divest assets with no strategic fit in our long term portfolio.
'The overriding goal is to sharpen the focus on large, modern office properties in prime locations in our core cities, thereby sustainably increasing portfolio quality and management efficiency.
'The proceeds of these sales will be reinvested into value accretive investments in core premium office properties, including continued build out of our prime development pipeline in Germany as well as external property acquisitions.'
Hedwig Höfler, CA Immo's head of investment management Austria & CEE added: 'With the sale of the property in Wolfganggasse, we have further optimised our focus on large, modern Class A office properties in established and promising office locations.
'This disposal at a significant premium to book value confirms our valuations in a still uncertain market environment.'