Vienna's CA Immo sells in Munich; raises e254m loan for Tower185

The Vienna-based CA Immo group has sold the Atmos office building in Munich to Union Investment Real Estate for more than e100m, and said it has also made progress in its most strategically relevant development: the e450m Tower185 in Frankfurt for which a banking consortium led by Eurohypo will provide a e254m loan to fund construction. Tower185 is already 60% pre-let even before building work commences. "At a time when loan allocation is so restrictive, a loan volume of over e250m is a striking success and evidence of confidence in both our company and our major project in Frankfurt," said CA Immo Chairman Bruno Ettenauer. "Similarly, the sale of our sustainably built office building in Munich also proves that high levels of quality are in demand even in difficult times. It is in this spirit that we are .. specifically restricting ourselves to projects with sustainable strategic relevance to us - looking ahead to the time after this crisis has passed."