Austrian-listed property company Sparkassen Immobilien has divested its 75% stake in Vienna department store Steffl to Hans Schmid Private Trust, the owner of the other 25%. Both sides agreed not to disclose the financial details. Steffl provides 12,500 m[sup]2[/sup] of retail space, plus a further 1,400 m[sup]2[/sup] of restaurants and office space.
Austrian-listed property company Sparkassen Immobilien has divested its 75% stake in Vienna department store Steffl to Hans Schmid Private Trust, the owner of the other 25%. Both sides agreed not to disclose the financial details. Steffl provides 12,500 m2 of retail space, plus a further 1,400 m2 of restaurants and office space.
Sparkassen also said it has signed a letter of intent to sell the 18,200 m2 Vienna department store, Herzmansky, to a project company of retail group Peek & Cloppenburg. The sale is scheduled to be completed before the end of this year. The transaction price was not disclosed, but Sparkassen Immobilien said it was taking advantage of strong prices in Vienna to raise funds for investment in Central and South Eastern Europe, where higher yields can be obtained.
On Tuesday, Delek Global Real Estate (DGRE) and Israeli investor Igal Ahouvi announced the acquisition of a CHF 3.4 bn (EUR 2 bn) portfolio of 88 investment properties in the largest property portfolio sale in Switzerland. AIM-listed DGRE bought the assets together with Delek's Israeli parent Delek Belron International and a subsidiary of the group headed by Ahouvi from retail and real estate company Jelmoli Holdings.
