IMMOFINANZ successfully sells office building in the Düsseldorf Airport City
IMMOFINANZ is selling the Panta Rhei office building in Düsseldorf to Deka Immobilien, one of the largest real estate asset managers in Germany. This building, which is located in the Airport City, has roughly 9,600 sqm and is fully rented. The purchase contracts have already been signed. The transaction is taking place at an attractive market price and was accompanied by JLL Germany as the broker.
"The marketing of this office building started before the corona lockdown and continued in recent months without any negative effects. We are very pleased with the results", commented Ronny Pecik, CEO of IMMOFINANZ, on the transaction. "As part of our portfolio strategy, our focus for the office segment remains on continued growth through our innovative myhive brand with its outstanding design, community and flexibility. We plan to realise this growth based on selective acquisitions as well as further development projects."
The IMMOFINANZ portfolio in Germany had a carrying amount of EUR 650.0 million (12.8% of the total portfolio) as of 31 March 2020 and is, for the most part, located in the attractive Düsseldorfer Medienhafen. The myhive Medienhafen, a new office high-rise with roughly 21,000 sqm is currently under construction at this location with completion scheduled for mid-2021.
IMMOFINANZ is a commercial real estate group whose activities are focused on the retail and office segments of seven core markets in Europe: Austria, Germany, Poland, Czech Republic, Slovakia, Hungary and Romania. The core business covers the management and development of properties, whereby the STOP SHOP (retail), VIVO! (retail) and myhive (office) brands represent strong focal points that stand for quality and service. The real estate portfolio has a value of approx. EUR 5.1 billion and covers more than 210 properties. IMMOFINANZ is listed on the stock exchanges in Vienna (leading ATX index) and Warsaw. Further information under: http://www.immofinanz.com
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