Corporate | 5 September 2011 09:57
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IMMOFINANZ AG / Key word(s): Real Estate/Disposal
IMMOFINANZ Group optimises office and retail portfolio in Austria IMMOFINANZ Group successfully continues to implement its strategy and profitably strengthen the property portfolio through selective transactions. Four office and retail properties in Austria were sold during the first quarter of the 2011/12 financial year. At roughly EUR 17 million, the proceeds from these transactions substantially exceeded the total carrying amount. In June 2011 IMMOFINANZ Group sold a number of properties, including an office building at Wallgasse 3 in the sixth district of Vienna that is leased to the Public Employment Service Austria (AMS) through a long-term contract and an office building at Landstrasse 66 in Linz, Upper Austria . The retail properties include a former specialty shopping centre in the Lower Austrian city of Amstetten and a building constructed on land owned by a third party in Völkermarkt, Carynthia . 'We defined a clear sale strategy for our company during the past year. In particular, we are planning to sell properties whose size, quality and location no longer fit with our target portfolio', explained Manfred Wiltschnigg, member of the Executive Board of IMMOFINANZ Group, on these recent transactions. 'These sales represent a further step toward the optimisation of our portfolio in Austria and will generate funds for the acquisition of new properties in prime locations', added Wiltschnigg. In 2010 IMMOFINANZ Group approved an ambitious five-year, EUR 2.5 billion sale programme. Results for the first 15 months after the programme launch exceeded the company's goals. Property sales had generated proceeds of EUR 665.4 million by 31 July 2011, or EUR 40.4 million over the target.
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| Language: | English | |
| Company: | IMMOFINANZ AG | |
| Wienerbergstraße 11 | ||
| 1100 Wien | ||
| Austria | ||
| 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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