Austrian-listed CEE listed property group Immofinanz has announced the sale of four assets in its home market as part of its planned EUR 2.5 bn five-year divestment programme.
Austrian-listed CEE listed property group Immofinanz has announced the sale of four assets in its home market as part of its planned EUR 2.5 bn five-year divestment programme.
In a statement on Tuesday, Vienna-based Immofinanz said it has sold two office buildings at Herbeckstrasse in Vienna and at Itzlinger Hauptstrasse in Salzburg, one commercial building in Radstadt, Salzburg as well as a hotel at Taborstraße in Vienna.
'These transactions reflect the company's strategy to sell properties that do not match the target portfolio with respect to size, location, quality or use,' Immofinanz commented, adding that proceeds from the sales amount to over EUR 12 mln. In particular the Taborstraße deal is 'the first of several hotel sales planned for Austria over the next two years', it added.
In addition, Immofinanz has announced its withdrawal from Bosnia-Herzegovina with the sale of its 50% interest in its only residential project in the market.
'Bosnia is not one of our core countries, and the sale of this last property was therefore an obvious step. It will allow us to strengthen our focus on our eight core markets and increase our activities in these areas,' noted Manfred Wiltschnigg, executive board member of Immofinanz. The company's core countries are Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and Russia.
