CEE property developer-investor Immofinanz has sold the rights for joint use of the development concept for sustainable and affordable housing over single-storey buildings to Dietmar Reindl.
The parties have agreed not to disclose the purchase price for the usage rights.
The former Immofinanz Executive Board member will be in charge of the technical and operational development of the concept to market maturity and implement various affordable and sustainable housing projects.
Immofinanz retains the right to implement the concept on its own properties at any time and remains the owner of the On Top Living brand.
Radka Doehring, executive chairwoman of Immofinanz, said: ‘The opening of usage rights for sustainable and affordable housing on standing investments for Dietmar Reindl, who initiated and pursued this project in his function as a former member of the Immofinanz Executive Board, is an important step in the implementation of our portfolio strategy in the current challenging environment. This decision strengthens the focus on our successful Stop Shop and Vivo! retail brands and our myhive offices. At the same time, we can support the further development of this innovative residential concept independent of Immofinanz and, in this way, create access to affordable and sustainable housing for as many people as possible. We see this step as a win-win situation for our company, our fellow human beings and the environment.’
Dietmar Reindl added: ‘In recent weeks and months, I have seen great interest and strong demand for this innovative housing concept. I am very pleased that we have now found a solution that makes it possible for me to quickly expand and introduce the concept on the market. The first projects are expected to start in 2023, with Austria as the focal point. The flexibility of the concept will open numerous opportunities for locations and uses. However, the emphasis will remain on sustainability and affordability as well as the fight against ground sealing through the densification of existing buildings. That will make a valuable contribution to creating smart, affordable and ecological housing.’
The smart residential concept developed by Immofinanz sets the highest social and ecological standards for smart densification, contributing significantly to the fight against climate change, ground sealing and skyrocketing housing costs.
Immofinanz will concentrate its activities on the strategic growth areas of retail properties and myhive office solutions in the current market environment.
