Corporate | 22 September 2011 08:44
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IMMOFINANZ AG / Key word(s): Real Estate
IMMOFINANZ Group secures prime office property in Warsaw IMMOFINANZ Group continues to expand its portfolio in the most dynamic CEE market: as of 21 September 2011 this Austrian real estate investor and developer purchased the Park Postepu , a fully rented, modern office property in Warsaw, from the Polish Echo Investment S.A. for about EUR 102 million. For IMMOFINANZ Group, this is the largest office property acquisition since 2008. The newly acquired property in the Mokotow district of Warsaw represents an excellent addition to IMMOFINANZ Group's International High-Class Office portfolio. The Park Postepu was built in 2009/2010 and comprises four multi-purpose, innovative buildings with high-quality furnishings and a car park. The 33,826 sqm of rentable space is fully leased over the long-term to financially strong national and international tenants. 'This acquisition is a great success for IMMOFINANZ Group: the interest of national and international investors in this top property was enormous. In the end, we were able to convince the sellers with our many years of experience and our know-how in efficiently settling transactions of this size', commented Manfred Wiltschnigg, member of the Executive Board of IMMOFINANZ Group, on the successful conclusion of negotiations. Another positive aspect for IMMOFINANZ Group is the acquisition financing concluded with ERSTE Group Bank AG – an important signal that debt financing is still available for top properties at acceptable conditions, even in times of high volatility on financial markets. IMMOFINANZ Group's International High-Class Offices segment includes prestigious properties in prime locations. This business segment is characterised by high tenant demand and stable value, even during times of financial crisis. Plans therefore call for International High-Class Offices to play a greater role as a stabilising factor for the Group's portfolio in the future. The acquisition of the Park Postepu in Warsaw is part of this corporate strategy, just as the current plans for the Nimbus office development project in Warsaw with approx. 20,000 sqm of rentable space. At the end of the 2010/11 financial year, International High-Class Offices comprised 12.6% of the standing investment portfolio of IMMOFINANZ Group.
On IMMOFINANZ Group
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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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| 140030 22.09.2011 |