Corporate | 12 December 2011 10:24
IMMOFINANZ AG / Key word(s): Disposal/Real Estate
12.12.2011 / 10:24
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The decision was taken in September, and the transaction closed in
November: IMMOFINANZ Group sold its 50 % stake in the Andreas Quarter, a
development project in Düsseldorf planned for realisation through a 50:50
joint venture with FRANKONIA Eurobau AG. For the Austrian real estate
company, the sale generated a return of 7 % on an investment of approx. EUR
40 million. The buyer prefers not to be identified.
For IMMOFINANZ Group, the sale of its stake in the Andreas Quarter
represents the next step in the steady implementation of the corporate
strategy to sell projects with non-controlling interests or to transform
them into majority holdings. The decision in favour of an exit reflected
the fact that the Andreas Quarter, in the given joint venture structure,
was not expected to generate the profitability required by a listed company
over the medium-term.
'The Andreas Quarter is an excellent, but very demanding development
project. The usage concept represents a particular challenge, above all
with respect to profitability, because of legal regulations covering the
protection of historical buildings. Furthermore, the optimisation of the
portfolio is still one of our top priorities. The proceeds generated by the
sale of the Andreas Quarter will be reinvested in our East European core
markets, at locations where we expect the highest returns over the medium-
to long-term: for example in Poland or Russia', explained Eduard Zehetner,
Chief Executive Officer of IMMOFINANZ Group, on this transaction.
On IMMOFINANZ Group
IMMOFINANZ Group is one of the five largest listed property companies in
Europe and is included in the leading ATX index of the Vienna Stock
Exchange. Since its founding in 1990, the company has compiled a
high-quality property portfolio that now comprises more than 1,600 standing
investment properties with a carrying amount of approx. EUR 8.4 billion.
The core business of the IMMOFINANZ Group covers the acquisition and the
active management of investment properties, the realisation of development
projects and the sale of objects. IMMOFINANZ Group concentrates its
activities in the retail, office, logistics and residential segments of
eight regional core markets: Austria, Germany, Czech Republic, Slovakia,
Hungary, Romania, Poland and Russia. Further information under:
www.immofinanz.com.
Contact:
For additional information contact:
INVESTOR RELATIONS
Stefan Schönauer
Head of Corporate Finance & Investor Relations
IMMOFINANZ AG
M +43 (0)699 1685 7312
investor@immofinanz.com
Simone Korbelius
Investor Relations
IMMOFINANZ AG
T +43 (0)5 7111 2291
investor@immofinanz.com
MEDIA INQUIRIES
Sandra Bauer
Head of Corporate Communications | Press Spokesperson
IMMOFINANZ AG
T +43 (0)5 7111 2292
communications@immofinanz.com
A-1100 Wien, Wienerbergstraße 11
www.immofinanz.com
End of Corporate News
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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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149351 12.12.2011