CA Immo has taken over the 49-percent minority share in two office projects – Danube House in Prague and Infopark in Budapest – from its JV partner Union Investment. The takeover will increase CA Immo’s long-term profitability (FFO I) by about €3m. The company is now the sole owner of both properties, which were part of the open-ended property fund UniImmo. The 21,400 sqm Danube House in Prague’s Karlín district and the 13,700 sqm Infopark are almost fully leased with a 97.5-percent occupancy rate as of September 2016. The gross yield of the portfolio was 7 percent and the loan-to-value ratio of the portfolio comes to around 40 percent. Frank Nickel, CEO of CA Immo, said the deal is in line with the company’s strategy to expand its core office property portfolio in core cities.
