CA Immo divests Prague office building

CA Immo has sold its Visionary office building in Prague, Czech Republic, for an undisclosed figure. 

Visionary building in Prague

The 25,500 m2 building generates about €4.3 mln in annual rent and is 93% occupied, including upcoming leases. This sale aligns with CA Immo's strategy of focusing its investments on modern, high-quality office properties in its core markets.
CA Immo acquired Visionary from Skanska in June 2018 for €68 mln. Completed in April 2018, the building is located in a rapidly developing Prague seventh district near metro and train stations.
Visionary features unique amenities such as a rooftop running track, sports area, on-site doctor's office, pharmacy, kindergarten, restaurant, laundry, public garden, and a sports area. It boasts LEED Platinum and WELL certifications. Tenants also have access to shared electric cars and bikes, and a mobile app connects users to building and neighbourhood services.
The Visionary is the first building in the Czech Republic to achieve LEED Platinum and WELL Core & Shell Gold certifications, recognizing its focus on health, well-being, and sustainability.
Keegan Viscius, CEO of CA Immo, said: 'Upon achieving near final occupancy, our business plan for Visionary is completed. With this sale, we take advantage of market liquidity to free up capital for alternative allocation options, and monetize future profits where only limited further value creation exists under our business model.'
CBRE provided commercial advisory services and Dentons legal counsel to CA Immo during the sale.
This sale aligns with CA Immo's strategy of concentrating on premium, Class A office buildings in central locations. CA Immo is actively selling properties outside its core criteria (asset type, location, quality, age, or potential) to enhance its portfolio's overall quality and sustainability. The proceeds will be reinvested in value-adding opportunities like developments in Berlin, debt reduction, general corporate needs, shareholder returns, and potential acquisitions.