S IMMO Successfully Completes Sale of HOTO Business Tower in Zagreb

The office building is located on the southwestern edge of the central business district of Croatia's capital and has a total rental area of approximately 15,500 m².

The sale aligns with the group's strategy of gradually withdrawing from the Croatian office market. Tomáš Salajka, a member of S IMMO's management board, commented: "HOTO Business Tower was S IMMO's last remaining property in Zagreb. With this sale, we have completely exited the Croatian market. We are pleased with the successful sale, which once again generates liquidity for investments in other key S IMMO markets," the company stated in a press release.

According to Lider, the buyer of Hoto Business Tower is Miha Ažman, a Slovenian entrepreneur who has not been publicly exposed in Croatia until now. He comes from a wealthy Slovenian family and was once the CEO of BMW Group Slovenia.

In Croatia, Ažman has owned the Hypo-Alpe-Adria Bank complex on Slavonska Avenue for several years, and in Slovenia, his family, among other properties, owns the Tartini Hotel in Piran and the Rotonda business complex in Ljubljana.

Building Constructed by Horvatinčić Hoto Business Tower is the first skyscraper built since Croatia's independence. It was constructed by Tomislav Horvatinčić and then sold together with the Hoto Castellum Center to Hypo Alpe-Adria Immobilien in 2005.

Later, it was purchased for 71.6 million euros by the German real estate management company Signa, and in 2020, CPI Property Group, through its subsidiary S IMMO AG, became the owner of this business skyscraper.

At that time, S IMMO stated that they were expanding into the office market due to the accelerated demand for premium offices in this region, explaining that it was a logical continuation of the company's strategy. However, the strategy has apparently changed in the meantime, as the company has sold four office buildings.