Corporate | 8 June 2011 19:30
IMMOFINANZ AG / Key word(s): Disposal/Funds
08.06.2011 / 19:30
The IMMOFINANZ Group has signed agreements for the sale of nine fund
investments to European investors. The purchase price will amount to EUR
137 million to 140 million, depending on the development of foreign
exchange rates over the next 12 months. These investments were financed
with 100% equity by subsidiaries of the IMMOFINANZ Group, and the company
will therefore record an increase in cash equal to the sale price.
'These sales are further proof of the steady implementation of our new
corporate strategy, which not only calls for a concentration on the four
core segments of office, retail, logistics and residential properties, but
also includes the sale of financial investments like funds and minority
interests as well as the optimisation of our property portfolio,' commented
Eduard Zehetner, CEO of the IMMOFINANZ Group, on this transaction. 'We were
also able to complete this extensive sale at a price that reflected the
carrying amount. The proceeds will be reinvested solely in high quality
standing investments and development projects, in order to generate
sustainable earnings for our shareholders', added Zehetner.
This transaction by the IMMOFINANZ Group covers the sale of investments in
five European (Europa Emerging Europe Fund Ltd., Europa Fund II LP., FF&P
Russia Real Estate Ltd., FF&P Development Ltd. and Polonia Property Fund
Ltd. II) and four American (Carlyle Halley Co- Investment Inc., Prologis
North American Industrial Fund II LP., Gotham City Residential Partners I
LP. and Broadway Partners Real Estate Fund II, LP.) property funds.
After the conclusion of this transaction the IMMOFINANZ Group still holds
investments in 18 funds with a combined carrying amount of slightly more
than EUR 160 million (as of 31 January 2011), which will be sold over the
short- to medium-term.
Contact:
Simone Korbelius
Investor Relations & Corporate Communications
IMMOFINANZ AG
A-1100 Wien, Wienerbergstraße 11
Tel.: +43 (0) 5 7111 - 2291
M.: +43 (0)699 1685 7291
Fax: +43 (0) 5 7111 - 8291
investor@immofinanz.com
www.immofinanz.com
PRESS CONTACT:
Sandra Bauer
Corporate Communictions & Investor Relations
IMMOFINANZ AG
A-1100 Wien, Wienerbergstraße 11
Tel.: +43 (0)5 7111 - 2292
M.: +43 (0)699 1685 7292
Fax: +43 (0)5 7111 - 8292
s.bauer@immofinanz.com
www.immofinanz.com
End of Corporate News
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Language: English
Company: IMMOFINANZ AG
Wienerbergstraße 11
1100 Wien
Österreich
Phone: +43 (0) 5 7111 - 2291
Fax: +43 (0) 5 7111 - 8291
E-mail: investor@immofinanz.com
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in
Frankfurt; Wien (Amtlicher Handel / Official Market)
End of News DGAP News-Service
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