Vienna-based company Immofinanz is to sell its Hungarian properties as part of an ongoing strategy to refocus on retail and other office investments.
As previously reported, Immofinanz is in the midst of a €1 bn sell off as it re-tilts its portfolio at the behest of new owner, CPI Property Group.
On Wednesday the company revealed it has signed a letter of intent to sell its Hungarian offices to S Immo, but did not disclose a price. In a statement, the firm said the transaction was taking place through close cooperation within the CPI Group to ‘realise syngery effects’ and could be used to extend Immofinanz’s ‘successful and flexible myhive office solutions to the entire group’.
S Immo has also recently been taken over by CPI.
The Hungarian portfolio includes six buildings in Budapest with roughly 124,000 m2 of lettable space. The closing of the transaction could take place before the end of 2022.
‘New investments will focus on retail and office assets in the current market environment,’ said the company. In addition, active portfolio management will include the sale of real estate with a combined value of roughly €1 bn it reiterated, and the investment in properties with higher returns in the Immofinanz core markets or the use of funds to repay debt.
