Immofinanz sells apartment building in Vienna

Listed CEE property investor Immofinanz has sold an an apartment building in Vienna. The buyer is a corporation associated with the Austrian lender Raiffeisen Landesbank Oberösterreich. The price paid topped EUR 33 mln, which Immofinanz said was significantly higher than the current book value.

Mariahilfer Strasse 53 is a renovated property built in the late 19th century. The ground and first floor of the building have a combined 4,000 m² of usable space and contain retail areas leased to a well-known textile chain; the rest of the space includes offices and apartments.

'The building at Mariahilfer Strasse 53 has been in our portfolio for over t10 years and on our 'to sell' list for some time because our activities in the retail segment are concentrated on Quality Shopping Centers and our STOP.SHOP. retail park chain,´ commented Immofinanz executive board member Daniel Riedl. 'Apartment buildings are frequently used as selling space, especially in the inner city of Vienna, and - as this transaction shows - have also become increasingly popular with institutional investors. We are pleased to have again received an attractive price for one of our properties in this favourable market environment.'

The disposal is part of a five-year, EUR 2.5 bn sale programme that Immofinanz launched in the 2010/11 financial year. Immofinanz owns a portfolio comprising 1,820 investment properties with assets under management totalling approximately EUR 10.4 bn.