Corporate | 1 February 2016 17:24
DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate/Disposal
2016-02-01 / 17:24
The issuer is solely responsible for the content of this announcement.
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IMMOFINANZ has successfully completed the sale of its logistics portfolio
to Blackstone. Blackstone will integrate all the assets into Logicor, its
European logistics platform. The closing took place today, Monday, and
leads to net cash inflows (after the repayment of loans) of approx. EUR 305
million. Of this total, about EUR 245 million will be transferred
immediately. The remainder will be received by the end of October 2016
after the transfer of the three development projects, which will be
completed by IMMOFINANZ as planned.
The transaction is based on a total property value of approx. EUR 536
million, less outstanding construction costs of approx. EUR 28 million for
the three development projects. This reflects the value of the properties
as of 31 July 2015.
"With this sale, we have completed the reorientation of IMMOFINANZ to focus
exclusively on the retail and office commercial asset classes. The funds
generated by the sale will strengthen our balance sheet and will be
invested in the expansion of our high-quality office portfolio in Germany
by 2018", explained Oliver Schumy, CEO of IMMOFINANZ.
Blackstone acquired all 36 logistics standing investments with approx. one
million sqm of rentable space. The properties are located primarily in
Germany (24) as well as in Hungary (5), Romania (3), Poland (2), Slovakia
(1) and Russia (1). The transaction also included three development
projects in Hamburg (DE), Bucharest and Ploiesti (RO) and land reserves.
On IMMOFINANZ
IMMOFINANZ is a commercial real estate company whose activities are focused
on the retail and office segments of eight core markets in Europe: Austria,
Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and Moscow. The
core business includes the management and development of properties. The
company has a real estate portfolio of approx. EUR 6.2 billion that covers
more than 390 properties. IMMOFINANZ is listed on the stock exchanges in
Vienna (leading ATX index) and Warsaw. Further information under:
http://www.immofinanz.com
For additional information contact:
Bettina Schragl
Head of Corporate Communications and Investor Relations
IMMOFINANZ
T +43 (0)1 88 090 2290
M +43 (0)699 1685 7290
communications@immofinanz.com I investor@immofinanz.com
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2016-02-01 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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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: Regulated Unofficial Market in Berlin, Munich, Stuttgart;
Open Market in Frankfurt ; Wien (Amtlicher Handel /
Official Market)
End of News DGAP News Service