This marks the fourth office property in Croatia that CPI Property Group has divested within a short span.
The series of sales began in December 2023 when the company sold Eurocenter to Atlantic Group. This was followed by the sale of Grand Center Office on Radnička Street, Zagreb, in February, and Zagrebtower to OTP Group in March.
Previously less known in Croatia, Ažman hails from a prosperous Slovenian family and has an impressive track record, having served as the CEO of BMW Group Slovenia. In Croatia, he has owned the Hypo-Alpe-Adria Bank complex on Slavonska Avenue for several years. In Slovenia, his family boasts ownership of the Tartini Hotel in Piran and the Rotonda business complex in Ljubljana.
The acquisition of Hoto Business Tower introduces Miha Ažman, a Slovenian entrepreneur, to the Croatian market
Hoto Business Tower holds a special place in Croatian history as the first skyscraper built after the country gained independence. Constructed by Tomislav Horvatinčić, it was sold in 2005, along with the Hoto Castellum Centre, to Hypo Alpe-Adria Immobilien. Subsequently, it was acquired for €71.6 million by the German real estate management firm Signa and became part of S IMMO AG in 2020. The acquisition was driven by increased demand for premium office spaces.
However, S IMMO AG’s strategy has evidently shifted, leading to the sale of four commercial properties. These transactions are believed to align with CPI Group’s efforts to streamline its balance sheet and reduce its debt to below 40%, following an aggressive acquisition spree.
Moreover, CPI Group recently sold Sunčani Hvar to Eagle Hills, an Abu Dhabi-based firm. The group is under the ownership of Czech entrepreneur Radovan Vitek, who continues to make strategic moves in the real estate sector.
