Immofinanz seals €95m logistics sale in exit from Swiss market

Austrian listed property group Immofinanz has formalised its exit from the Swiss market by selling three logistics assets to a Credit Suisse fund for CHF 115 mln (€95 mln).

Immofinanz said the sale price exceeded the book value of the properties. The transaction, which has already closed, covers two properties in Bülach and one in Derendingen with 140,000 m2 of rentable space.

'After the sale of the logistics property in Egerkingen, this step completes our exit from the secondary market Switzerland. We were also able to benefit from the high CHF exchange rate on this transaction,' said Immonfinanz CEO Eduard Zehetner. 'The funds generated by these sales will be used, among others, for the development of logistics projects in Germany, where we want to further expand the position of our subsidiary Deutsche Lagerhaus (DLG) as a key logistics player.'

Immofinanz, listed in Vienna and Warsaw, owns 470 investment properties across Germany, Austria, Central and Eastern Europe and Russia which are valued at a total €6.9 bn. The group's business model calls for property sales averaging €500 mln to €600 mln each year. The original plan to sell €2.5 bn of real estate within five years was exceeded after only four years, with the transactions resulting in a double-digit margin over the book value.