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CPI Europe AG — M&A Activity 2017
Jan 31, 2017
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M&A Activity
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Corporate | 31 January 2017 13:47
IMMOFINANZ sells Friesenquartier and second section of Gerling Quartier in Cologne to Quantum and PROXIMUS – Germany remains most important growth market in office sector
DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate/Disposal
31.01.2017 / 13:47
The issuer is solely responsible for the content of this announcement.
IMMOFINANZ is continuing its portfolio optimisation with the sale of the
Friesenquartier in Cologne, a package of mixed use properties that also
includes an underground garage. In addition, a forward purchase agreement
was successfully concluded for the hotel in Cologne's Gerling Quartier,
which is still in the project development phase. This hotel will be
completed by IMMOFINANZ. The package also includes the undeveloped
properties in the second section of the Gerling Quartier. The buyer is a
joint venture by the German companies Quantum Immobilien AG and PROXIMUS
REAL ESTATE AG, with which IMMOFINANZ is currently also in final
negotiations over the sale of the completed properties in the first section
of the Gerling Quartier. The parties have agreed not to disclose any
information on the purchase price because of the ongoing negotiations,
which are expected to be concluded during the first quarter of 2017.
Details on the entire transaction will be announced at that time.
The closing is expected to take place in the second quarter of 2017 for the
sale of the Friesenquartier and in 2018 for the forward purchase.
"This sale supports our strategic reorientation on the office and retail
sectors with our myhive, STOP SHOP and VIVO! brands. They stand for a high
degree of standardisation and underscore the high portfolio efficiency of
our properties. The Gerling Quartier, which has a large share of luxury
apartments, no longer fits with this concept", explained Oliver Schumy, CEO
of IMMOFINANZ. "Germany will remain our most important growth market in the
office sector, as is demonstrated by our development projects for the
corporate headquarters of trivago and Uniper in Düsseldorf. With the
modernisation of Hohenzollernring 62 in Cologne, we are also realizing the
first office project under the myhive brand in Germany."
This sale covers six mixed use buildings in the Friesenquartier with
approx. 22,300 sqm of rentable space and an underground garage with nearly
450 parking spaces. The buyers are also acquiring four properties in the
second section of the Gerling Quartier. These properties are not yet in the
development stage, but building permits have been issued for approx. 19,000
sqm of luxury apartments as well as office and retail areas which will be
developed by the buyers after the closing. The forward purchase covers a
hotel with roughly 200 rooms and an underground garage, which was leased to
the operator 25hours and will be completed by IMMOFINANZ.
On IMMOFINANZ
IMMOFINANZ is a commercial real estate group 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 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 5.2 billion and covers more than 350
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
[email protected]
[email protected]
31.01.2017 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.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: IMMOFINANZ AG
Wienerbergstraße 11
1100 Wien
Austria
Phone: +43 (0) 1 88090 - 2290
Fax: +43 (0) 1 88090 - 8290
E-mail: [email protected]
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Regulated Unofficial Market in Berlin, Munich, Stuttgart;
Open Market in Frankfurt ; Warschau, Wien (Amtlicher
Handel / Official Market)
End of News DGAP News Service