City Empiria revisited

There hasn’t been a lot of official clarity so far from ECM on the sale of City Empiria. That leaves only the off-record, unconfirmed chatter. Among the unsurprising rumors doing the rounds is that the asset has stayed within the family, with names like Generali PPF topping the list. We say unsurprising because it doesn’t appear to have been widely-known that the building was up for sale.

That might go some way to explaining the price of €71.5m, which must have raised the eyebrows of a couple valuers. How long are the average lease lengths at the moment, for example? We’ll just have to wait and see what eventually emerges. No comment from the bank, by the way, on if it was able to claw anything back.

While the price was definitely good for ECM, there wasn’t much joy when it put out its Q1 numbers for 2010 yesterday. Net rental income fell to €2m (from €2.8m Q1 2010) and a net operating loss of -€1.9m , compared to going €300,000 in the black the year before. It added up to a net loss of €6m for the period. More details available here.


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