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CPI Europe AG — M&A Activity 2010
Oct 21, 2010
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M&A Activity
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Corporate | 21 October 2010 07:50
IMMOFINANZ AG: IMMOFINANZ Group sells office building in Prague
IMMOFINANZ AG / Key word(s): Disposal
21.10.2010 07:50
Vienna, 21 October 2010
IMMOFINANZ Group sells office building in Prague
In connection with the ongoing optimisation of its property portfolio, the
IMMOFINANZ Group sold the Valdek office building in Prague to a Danish
investor at the end of September 2010. The sale price exceeded the book
value determined by external appraisals. Both parties have agreed not to
release any information on the exact price for this transaction.
The Valdek office building is situated at a prime location on the
Jugoslavska/Namesti Miru in Prague II (Vinohrady). It was built in 1938 and
fully renovated in the late 1990s. The Valdek has more than 5,800 sqm of
space, which is let primarily to international companies such as major
banks and insurance firms.
Recovery on the Czech property market
The Czech property market is concentrated in Prague and has recently shown
stable development with a slight upward trend. This reflects the low volume
of project completions. The economic crisis brought a clear differentiation
between primary and secondary locations, which is expected to result in
constant rents and a stable demand for office space up to the start of
recovery in all segments of the market.
The returns on top objects at prime locations are currently less than 7%.
Eduard Zehetner, CEO of the IMMOFINANZ Group, commented, 'This transaction
demonstrates that it is possible to sell properties at prices that exceed
book value and, in turn, confirms the NAV. The Valdek was sold for
strategic reasons related to the portfolio optimisation because it is
smaller than the minimum size defined by our corporate guidelines.'
Contact:
Margit Hermentin
Head of Investor Relations & Corporate Communications
IMMOFINANZ AG
A-1120 Vienna, Gaudenzdorfer Gürtel 67
Tel.: +43 (0) 5 7111 - 2290
Fax: +43 (0) 5 7111 - 8290
[email protected]
www.immofinanz.com
Press-Coordination:
Hieronymus Tupay
ACCEDO Austria GmbH
Tel.: +43 1 533 87 00 - 23
[email protected]
21.10.2010 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: IMMOFINANZ AG
Gaudenzdorfer Gürtel 67
A-1120 Wien
Österreich
Phone: +43 (0) 5 7111 - 2290
Fax: +43 (0) 5 7111 - 8290
E-mail: [email protected]
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Freiverkehr in München, Berlin, Stuttgart; Open Market in
Frankfurt; Foreign Exchange(s) Wien (Amtlicher Handel /
Official Market)
End of Announcement DGAP News-Service