Austrian listed property firm Immofinanz has bought the remaining 50% stake it did not own in the Panta Rhei office development project in Düsseldorf from the co-owner Frankonia Group. Both sides agreed not to disclose the financial details.
Austrian listed property firm Immofinanz has bought the remaining 50% stake it did not own in the Panta Rhei office development project in Düsseldorf from the co-owner Frankonia Group. Both sides agreed not to disclose the financial details.
The acquisition is in line with Immofinanz's new strategy of taking full control of its properties or selling minority stakes in assets when it cannot get 100% ownership.
'The re-investment of liquid funds generated by other areas of our business in development projects allows us to produce sustainable properties,' commented Immofinanz CEO Eduard Zehetner.
The Panta Rhei project involves the construction of a prime office complex designed by well-known architects Rhode Kellermann Wawrowsky. Construction of the 9,600 m2 scheme is set to start in summer 2012.
The development will expand Immofinanz's development portfolio to 36 assets with a combined value of EUR 432 mln.
