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 service of EQS Group AG.
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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)  
 
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