Immofinanz is exiting the logistics sector to concentrate on office and retail investments.
The Austrian firm said it will look to focus its efforts on Germany, Poland and its domestic market. The firm’s exposure to Russia will be reduced.
At present, around 32% of the portfolio is in Austria and Germany and 68% in Eastern Europe, including Moscow.
The 1m sqm logistics portfolio accounts for around 8% of the firm’s overall portfolio.
Chief executive Oliver Schumy said: “We are very pleased with the development of our logistics segment. However, our major competitors are nearly 10 times as large and this prevents us from gaining a leading position in our core region.
“The market is now seeing a strong shift in investors’ interest to logistics properties, a development that is also reflected in attractive price levels.”
Other assets regarded as non-core by the firm will also be sold, it said. The firm began the process of selling its BUWOG residential arm via an IPO last year.
Earlier this week, it was revealed that TriGranit, a central European developer part owned by Immonfinanz, is being sold to US private equity investor TPG Real Estate.
After the planned sale of logistics properties and deduction of recent sales, including the City Box self-storage chain in the Netherlands, residential properties and a hotel in Vienna, the firm’s portfolio will be split 48.8% to retail, 43.7% to office and 7.5% to other asset classes.
