Listed German property firm Immofinanz has sold three residential projects in Houston, Texas, as part of its withdrawal from the US market.

Listed German property firm Immofinanz has sold three residential projects in Houston, Texas, as part of its withdrawal from the US market.

The projects include 1,000 apartments and were sold to US real estate firm Sueba for a total of around €47 mln. Immofinanz owned 90% of each project.

'Although the US business has shown sound development in spite of the economic crisis, the time is right to withdraw from this secondary market,' said Immofinanz CEO Eduard Zehetner. ´We also plan to sell the remaining residential property project in the near future and profitably end our overseas commitment, just as we did in Switzerland.´

The remaining project is the San Antigua development of 277 apartments in northwest Houston. The firm recently sold three logistics sites in Switzerland.