WOOD Flash – CA Immo: 1Q21 – recurring in line, delivering on disposals, lower occupancy
CA Immo’s 1Q21 results were largely in line with our expectations on the recurring lines. The company booked a EUR 63m revaluation gain, related mainly to the launch of the Upbeat development in Berlin, exceeding our expectations. CA Immo has sold assets worth EUR 144m ytd, with nearly a 300% premium to book value, crystalising the hidden value of the landplots, carried at cost. The occupancy declined slightly across most of CAI’s portfolio in 1Q21, and there was a large move in Budapest, where several big tenants moved out. Management reported that it is getting encouraging feedback from tenants, regarding their occupational plans and business prospects for the remainder of the year. Accordingly, it believes the leasing market should strengthen in the second half of the year and in 2022E. As a result, the company prefers to operate with a lower level of occupancy temporarily, rather than lock in low rents for the long run. The team at CA Immo continues to scan the market for acquisition opportunities, but sees a limited supply of quality properties available for sale, and an overhang of investment demand, with some buyers less disciplined on pricing.CA Immobilien Anlagenis a real estate investment company. Co. invests in commercial real estate, comprising hotel, residential, office, industrial, storage space, and logistics. Co. is also active in project development business. Co.'s activities are focused in Austria, Germany and Eastern Europe. Co. has 263 subsidiaries (including 24 joint ventures) in the following countries: Germany, Austria, Hungary, Luxembourg, Bulgaria, Netherlands, Slovakia, Cyprus, Russia, Czech Republic, Poland, Croatia, Ukraine, Romania and Serbia. Co., through its subsidiaries, is engaged in creation of entire urban districts, acquisition of real estate, project development, as well as property renovation.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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