BA-CA Real Invest to Sell Portfolio in Prague and Warsaw

  • Seven office buildings at top locations up for sale to international buyers
  • Bidding process met with broad approval from fund investors

BA-CA Real Invest will be selling a package of seven business properties in Prague and Warsaw at the beginning of 2007. Some of the buildings are assets in closed real estate funds, and some held by the company itself. BA-CA Real Invest decided to sell these properties to take advantage of the current boom in demand for properties in Central and Eastern Europe (CEE) among international investors. "Real estate yields in CEE are reaching western European levels. Achieving above-average selling prices depends greatly on acting at the right time," said Karl Derfler, managing director of BA-CA Real Invest. The bidding process is being managed by the renowned real estate consultancy CB Richard Ellis. The fund investors granted their approval for the sale before the process was initiated.

The cities of Prague and Warsaw are among the fastest-growing business centres in the dynamic region of Central and Eastern Europe. The business properties being sold by BA-CA Real Invest are all located in the city centre or in other important business districts. Five properties are from the closed real estate funds "Prague I", "Prague II" and "Prague and Warsaw", and two are held directly by BA-CA Real Invest. In total, this portfolio comprises roughly 63,000 square metres of utilisable floor space and annual rental revenues of around 12 million euros. "Through their integration in the European Union, Prague and Warsaw have become a 'must' for many international investors. Our package is one of the most interesting in all of CEE," said Karl Derfler.

This has also led to overwhelming demand for the Real Invest properties package. BA-CA Real Invest is currently concluding its negotiations with seven investors.

Enquiries: Bank Austria Creditanstalt Press Office Austria
Tiemon Kiesenhofer, Tel. +43 (0)5 05 05 ext. 52819
E-mail: tiemon.kiesenhofer@ba-ca.com