Austrian real estate investor S Immo has offloaded a mixed-use portfolio in Germany, comprising 18 commercial properties and one residential property.
The total sale price reached €255 million, reflecting a discount of approximately 9.5% compared to the December 31, 2023 book value. This discount is typical for portfolio sales, which were executed through separate share and asset deals.
The properties are spread across major German cities like Berlin, Erfurt, Halle, Hamburg, Leipzig, Potsdam, and Rostock, offering a combined lettable space of roughly 145,000 m2. The sale will be completed in phases, with some transactions closing soon and the final ones expected by autumn 2024.
This move aligns with S Immo's recently announced strategy of accelerating its exit from the German market. In March, the company broadened its divestment program beyond its initial focus on residential properties to encompass its entire German portfolio, including commercial holdings outside Berlin. S Immo is exploring various options, including individual property sales, portfolio sales, or a complete withdrawal.
Beyond Germany, S Immo is also streamlining its presence in Croatia, Slovakia, and Austria.
