Vienna-based CEE property developer-investor Immofinanz said on Friday that it plans to sell off €1 bn of assets and re-invest the proceeds into higher yielding properties as part of a change in strategy following the takeover by CPI Property Group.
The sales will concentrate on properties with a lower yield and single tenant assets. The company plans to continue its ‘value-creating growth strategy’ with a focus on retail properties and office solutions.
As part of the new strategy, Immofinanz also intends to further expand its retail portfolio through acquisitions and the development of the successful, crisis-resilient Stop Shop assets. In the course of a closer integration of the entire group, targeted acquisitions will also involve properties from CPI Property Group matching the strategy.
‘With Stop Shop, Vivo! and myhive, we have first-rate, innovative brands and real estate solutions to optimally meet the wishes and requirements of our tenants and customers. Our goal is now to further expand this strong position: We want to become the leading provider of retail properties in our core markets. And we will also expand our myhive portfolio to convince an increasing number of tenants of the advantages of our innovative, flexible and sustainable real estate concept,’ explained Radka Doehring, member of the Executive Board of Immofinanz.
