AI assistant
CPI Europe AG — M&A Activity 2013
Jan 7, 2013
746_rns_2013-01-07_24610cea-8d5b-4f96-b269-59e355ecb974.html
M&A Activity
Open in viewerOpens in your device viewer
News Details
Corporate | 7 January 2013 11:00
IMMOFINANZ Group sells office building in Prague
IMMOFINANZ AG / Key word(s): Real Estate/Disposal
07.01.2013 / 11:00
Corporate News | Press Release Vienna, 7 January 2013
IMMOFINANZ Group sells office building in Prague
As of 31 December 2012 IMMOFINANZ Group sold the office building BB Centrum Building C located in Prague to the VIG FUND. The two partners to the contract have agreed not to disclose any information on the purchase price. The property is part of the business park BB Centrum comprising a total of ten office buildings in Prague 4. Of these, three others are owned by IMMOFINANZ Group: the properties 'A', 'B' and 'Gamma'.
'Cycle-optimised sales ensure that an adequate amount of equity is available for the continuous improvement of our development pipeline – the same applies to the sale of BB Centrum Building C. From a strategic perspective, the transaction will result in a more even distribution of our office property portfolio in Prague and thus constitutes an important step in its continued optimisation. The sale is also part of the successful implementation of our sales strategy', comments Manfred Wiltschnigg, COO of IMMOFINANZ Group.
BB Centrum Building C offers its tenants approximately 13,000 sqm of space and comprises seven floors as well as two lower levels with 207 parking spaces in the underground garage. In 1998 the office building was the first property in the BB Centrum business park located in the Prague 4 Michle district located directly on the D1 motorway and near line C of the underground. Due to its outstanding accessibility and diverse range of services, the location has become an attractive destination for renowned companies: in addition to high-quality office space, BB Centrum features numerous shops, flats, education and health facilities, restaurants as well as sports facilities and green areas.
In the 2010/11 financial year IMMOFINANZ Group launched a EUR 2.5 billion five-year sales programme that is designed to improve the existing property portfolio and increase its turnover rate. The closing of the sales agreement for BB Centrum Building C is evidence of the company's continued success in the implementation of this programme.
On IMMOFINANZ Group
IMMOFINANZ Group is one of the leading listed real estate investors and developers in Europe and is included in the leading ATX index of the Vienna Stock Exchange. Since its founding in 1990, the company has compiled a high-quality property portfolio that now comprises more than 1,820 investment properties with a carrying amount of approx. EUR 10.51 billion. As a 'real estate machine' the company concentrates on linking its three core business areas: the development of sustainable, customised prime properties in premium locations, the professional management of these properties, and cycle-optimised sales. Active and decentralised asset management increases rental income and, at the same time, reduces vacancies. The liquid funds generated by property sales are reinvested in new development projects and, in this way, keep the machine running. The company's goal is to generate greater profitability along the entire value chain with a clearly defined, standardised and industrialised process. IMMOFINANZ Group focuses its activities in the retail, office, logistics and residential segments of eight regional core markets: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and Russia. Further information: www.immofinanz.com
For additional information please 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
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
A-1100 Wien, Wienerbergstraße 11
www.immofinanz.com
End of Corporate News
07.01.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
| Language: | English |
| Company: | IMMOFINANZ AG |
| Wienerbergstraße 11 | |
| 1100 Wien | |
| Austria | |
| Phone: | +43 (0) 1 88090 – 2291 |
| Fax: | +43 (0) 1 88090 – 8291 |
| E-mail: | [email protected] |
| Internet: | http://www.immofinanz.com |
| ISIN: | AT0000809058 |
| WKN: | 911064 |
| Listed: | Freiverkehr in Berlin, München, Stuttgart; Open Market in Frankfurt; Wien (Amtlicher Handel / Official Market) |
| End of News | DGAP News-Service |
| - - - |
| 198357 07.01.2013 |