S Immo AG sells Zagreb office building to Atlantic Grupa for €26m

Austrian real estate company S Immo AG has sold the Eurocenter office building in Zagreb, Croatia, to Croatian food and beverage company Atlantic Grupa.

The mixed-use property, encompassing 9,000 m2 of gross lettable area, includes offices, a bank branch, and a cafe.

The transaction, valued at €26.5 mln, involved the transfer of ownership via a share deal.

It capitalizes on the current positive market conditions in Zagreb, boosted by Croatia's entry into the Eurozone earlier this year. Additionally, the timing aligns favorably with the property's lifecycle, being fully tenanted and well-maintained.

Herwig Teufelsdorfer, member of the Management Board, commented: ‘We are pleased to announce the successful sale of the Eurocenter. The transaction is in line with our adjusted strategy and generates liquidity for investments in other core markets of S Immo.’

Located on Miramarska 23, in Zagreb’s city centre, Eurocenter was designed by local architect Nenad Bach and built in 2004/2005. The lobby was redesigned in 2016 by Vienna-based architectural firm Archisphere.

The building spans nine floors and has two underground garages with 123 parking spaces. Tenants can choose from individual offices, open-plan spaces, or combined configurations.

Besides being the long-standing HQ of Atlantic Grupa, the property’s other tenants include IBM, the EBRD, and the Polish, Irish, and Finnish Embassies.

The Eurocenter, which was the first BREEAM In-Use certified building in Croatia, has been part of S Immo AG’s portfolio since 2008.

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