Austrian group Immofinanz has announced the sale of the Bauhaus Budweis retail property in Budweis, Czech Republic to the CPI Group, a local investor, for over EUR 17 mln. The transaction is part of the group's strategy to optimise its real estate portfolio, the company said.
Austrian group Immofinanz has announced the sale of the Bauhaus Budweis retail property in Budweis, Czech Republic to the CPI Group, a local investor, for over EUR 17 mln. The transaction is part of the group's strategy to optimise its real estate portfolio, the company said.
The project was developed by Immofinanz in partnership with international property developer Eyemaxx Real Estate and was delivered in the spring of 2010. It provides around 42,000 m2 of space, of which 17,400 m2 are currently available for rent, as well as 380 parking spaces.
'It was always clear for us to sell this property after the successful completion,' said Immofinanz' CEO Eduard Zehetner. 'The sale price in excess of book value underscores the quality of our portfolio.'
The deal comes shortly after the sale by Immofinanz of the Valdek office building in Prague to a Danish investor at the end of September 2010. Vienna-based Immofinanz said the Czech Republic will continue to be one of the most interesting Eastern European markets for the group, which is currently developing a mixed-use property at a prime location in the inner part of Prague.
