The listed CA Immo is considering the sale of its entire portfolio in the core market of Romania – all strategic options are currently being evaluated, the company said on Wednesday evening.
Of the 5.9 billion euros in real estate assets of CA Immo at the end of September, 390 million euros or 6.6 percent came from Romania.
Over half of the real estate assets are in Germany, namely 56.7 percent or 3.35 billion euros – another 9.9 percent or 587 million in Poland and 9.2 percent or 541 million in Austria. Of the lettable area of 1.31 million m3, 395,164 m3 are located in Germany, 190,720 m2 in Austria and 164,557 m2 in Romania
In the first nine months, CA Immo was able to more than double its net profit – greatly benefiting from a significantly better revaluation result. The FFO-1 target for this year has been confirmed, but that for 2022 has been lowered. The group result rose in the three quarters from EUR 88.0 million to EUR 190.8 million, after the valuation result turned positive from minus EUR 21.5 million to EUR 185.2 million. Rental income remained almost stable at 175.8 (177.6) million, FFO I was four percent lower year-on-year at 100.1 million euros.
The listed company confirmed the annual target for FFO I for this year of around 128 million euros. However, the continuous sales activity of non-strategic real estate in connection with a weaker rental dynamic will generate an FFO I in 2022, which from today’s perspective will be below the target of 140 million euros. This is largely due to the ongoing uncertainties and delays on the rental markets, especially in connection with the Covid-19 pandemic, which has recently intensified again.
On Wednesday evening, CA Immo put the operating result (EBITDA) in the first three quarters at EUR 160.0 million, 18 percent above the previous year’s figure. The value of real estate assets of 5.9 billion euros was 5 percent higher than at the end of 2020, the EPRA-NTA intrinsic value per share was 41.81 euros, after 40.09 euros at the end of 2020.
CA Immo papers fell in Vienna in the early afternoon by 0.92 percent to 37.75 euros.