Beitrag von Mag. Sandra Bauer, Head of Corporate Communications - IMMOFINANZ AG am 10.06.2011.The IMMOFINANZ Group is taking its next growth and optimisation step in Warsaw, currently the most attractive market for office properties in Eastern Europe. The company is acquiring the remaining 49% of the Warsaw Class A office property Equator and the adjoining office development project Nimbus from the former project partner, the developer Karimpol S.A. In exchange, this company will purchase 51% of the adjacent Cirrus development project from the IMMOFINANZ Group and become the sole shareholder of this object. The parties have agreed not to release any information on the purchase or sale price for this transaction.
“This transaction represents a further important milestone in the implementation of our strategy to take over the full responsibility for projects and thereby optimise our investment structure“, explained Manfred Wiltschnigg, member of the Executive Board of the IMMOFINANZ Group, on the reasons for this acquisition. “With the Equator and Nimbus, we are also receiving an extremely attractive object and project in the well-established Warsaw office quarter of Ochota.“
The Equator, Nimbus and Cirrus development projects were part of a joint venture that was founded in 2006. The Equator Office Building was completed in 2008; it has over 19,100 sqm of rentable space and is fully occupied at the present time. The Nimbus development project is currently in an advanced planning stage. Plans call for the construction of a high-quality office building with approx. 20,000 sqm at this site. Construction is scheduled to start at the beginning of 2012.
On the IMMOFINANZ Group
The IMMOFINANZ Group is one of the five largest listed property companies 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 1,600 investment properties with a carrying amount of approx. EUR 8.5 billion. The core business of the IMMOFINANZ Group covers the acquisition and management of investment properties, the realisation of development projects and the sale of objects. The IMMOFINANZ Group concentrates 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. In the first three quarters of 2010/11, the company generated gross cash flow of EUR 303.2 million. Further information under: www.immofinanz.com.
