Why Austrians sold Sava Business Center: "We are exiting non-core markets, focus on A-class offices"

A few days after OMR Group, together with a member of the group, Globos osiguranje, became the new owner of two office buildings within the Sava Business Center complex in Belgrade, the previous owner, CA Immo, announced the reasons for the sale.

CA Immo, an Austrian real estate company headquartered in Vienna, which specializes in office property development and management in central European capitals, invested in Sava Business Center as a modern A-class office building in 2009.

Now the company, however, announced that it “completes market exit from Serbia with the sale of Belgrade office property.”

– CA Immo has successfully closed the sale of the Group's last Serbian office property Sava Business Center. The building comprises approx. 19,600 square meters of gross lettable area and was 96% let as of December 31, 2024, with annualized gross rental income of around EUR 4 million.

The sales and purchase price has not been announced.

In the past decade, CA Immo has been strategically withdrawing from Southeast Europe.

– Since 2018, we have withdrawn from Romania, Slovenia, Bulgaria, Russia, and Croatia, as well as from all the secondary cities in Hungary, Austria and Poland. With this sale, we are exiting another non-core market, improving the portfolio focus and overall cost efficiency, and rotating our portfolio exposure to high-quality, modern office properties in our core markets – Keegan Viscius, CEO of CA Immo.

The press release adds that the sale is in line with CA Immo's long-term investment strategy, pursuing a clear focus on large, high-quality Class A office properties in prime inner-city locations.

– As part of this strategy, CA Immo is selling properties that do not correspond to the core business in terms of asset class, location, building quality, age, or value creation potential, continuously optimizing the quality and sustainability of the property portfolio. The proceeds of the sale will then be reinvested into value-accretive investments, including the continued build out of the prime development pipeline in Berlin, as well as potential selective external acquisitions – the press release concludes.

Let us remind that, on the last day of April the acquisition of Sava Business Center was confirmed by Ostoja Mijailovic, the president of OMR Group, who pointed out that it was an important step in the further development of the company and a confirmation of its long-standing dedication to the market of Serbia.

– From the new seat, from the heart of Belgrade, we will continue building business bridges, developing new projects and contributing to the strengthening of the economic environment of Serbia – said Mijailovic.

B. P.

Ca Immo d.o.o.

OMR Grupacija d.o.o. Beograd

Globos osiguranje a.d. Beograd

CA Immo

OMR Group

Globos osiguranje

Sava Business Center

Ostoja Mijailović

sales and purchase

office spaces