Corporate | 29 October 2014 10:40
DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate/Disposal
29.10.2014 / 10:40
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IMMOFINANZ Group has sold three residential projects in Houston, Texas, to
Sueba, a local developer, and largely completed its exit from the US
market. The sale price for this package (IMMOFINANZ held 90% of each
project) totalled nearly USD 60 million (approx. EUR 47.3 million) and
exceeds the book value of the properties. The closing has already taken
place.
"Although the US business has shown sound development in spite of the
economic crisis, the time is right to withdraw from this secondary market.
We also plan to sell the remaining residential property project in the near
future and profitably end our overseas commitment - just as we did in
Switzerland", explained Eduard Zehetner, CEO of IMMOFINANZ Group, on the
Group's focus on its core markets.
The sold properties in Houston represent apartment complexes in the north
and west of the city with almost 1,000 units in total. The sale process for
the remaining San Antigua project with 277 apartments is currently underway
and the closing is expected to take place towards the end of the current
financial year.
The sale of three logistics properties in Switzerland (two in Bülach and
one in Derendingen) and the US apartments reduced the share of non-core
countries in IMMOFINANZ Group's portfolio by nearly one-half from 6.6% at
the end of April 2014 to 3.7%.
IMMOFINANZ Group's business model calls for property sales averaging EUR
500 million to 600 million each year. The original plan to sell EUR 2.5
billion of real estate within five years was exceeded after only four
years, with the transactions resulting in a double-digit margin over the
book value.
On IMMOFINANZ Group
IMMOFINANZ Group is one of the leading listed property companies in Europe.
The company is included in the leading ATX index of the Vienna Stock
Exchange and also trades on the Warsaw Stock Exchange. Since its founding
in 1990, the company has compiled a high-quality property portfolio that
now comprises more than 470 investment properties with a carrying amount of
approx. EUR 6.9 billion. As a "real estate machine" the company
concentrates on linking its three core business areas: the development of
sustainable, specially designed prime properties in premium locations, the
professional management of these properties and cycle-optimised sales.
IMMOFINANZ Group concentrates its activities in the retail, office and
logistics segments of eight regional core markets: Austria, Germany, Czech
Republic, Slovakia, Hungary, Romania, Poland and Russia. Further
information under: http://www.immofinanz.com / http://blog.immofinanz.com /
http://properties.immofinanz.com
For additional information contact:
MEDIA INQUIRIES
Bettina Schragl
Head of Corporate Communications | Press Spokesperson
IMMOFINANZ Group
T +43 (0)1 88 090 2290
M +43 (0)699 1685 7290
communications@immofinanz.com
INVESTOR RELATIONS
Stefan Schönauer
Head of Corporate Finance & Investor Relations
IMMOFINANZ Group
T +43 (0)1 88 090 2312
M +43 (0)699 1685 7312
investor@immofinanz.com
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29.10.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: IMMOFINANZ AG
Wienerbergstraße 11
1100 Wien
Austria
Phone: +43 (0) 1 88090 - 2291
Fax: +43 (0) 1 88090 - 8291
E-mail: investor@immofinanz.com
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Freiverkehr in Berlin, München, Stuttgart; Frankfurt in
Open Market ; Wien (Amtlicher Handel / Official Market)
End of News DGAP News-Service
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