Vienna-listed Immofinanz Group has exited France with the sale of its only French asset, Parc D’Activités Logistiques de Nice, to a local private investor.
The property is 10km north-west of the city centre and 6km from Nice Airport, with direct access to the A8 motorway.
The park, and a raft of other assets in Vienna and Germany, realised a total of €81m, substantially more than carry value, said the vendor.
The Nice park comprises 12 buildings in three sections across 17,000 m2 of space.
This sale is part of the group’s strategy to exit from non-core countries and follows its withdrawal from Bosnia-Herzegovina last May. Immofinanz’s eight core markets remain Austria, Germany, the Czech Republic, Slovakia, Hungary, Romania, Poland and Russia.
Other sales include Office Cube, a 5,200 m2 office at Gaudenzdorfer Gürtel 67 in Vienna, which was sold to the German firm aik Immobilien-KAG. The building is at the intersection of Vienna’s western exit artery and the beltway in the 12th district.
Another sale was of the 2,600 m2 retail and office building at Josefstädter Strasse 78, also in Vienna, close to underground rail station Josefstädter Strasse on the beltway.
In Germany, Deutsche Lagerhaus, an Immofinanz subsidiary, sold the following logistics properties: an asset in Kirchheim (Bavaria) near the Munich east motorway intersection with over 20,000 m2 of space; an asset in Dormagen (North-Rhine Westphalia) near the A 57 motorway between Düsseldorf and Cologne providing 45,000 m2; and a 15,400 m2 building in Heusenstamm (Hessen) close to Frankfurt Airport with 15,400 m2.
All three properties were purchased by BEOS Corporate Real Estate Fund Germany II, which is managed by BEOS.
“These six transactions represent a further important step to increase the turnover of our portfolio and thereby generate additional liquidity for our real estate machine,” said Manfred Wiltschnigg, chief operating office at Immofinanz.
The group launched a five-year, €2.5bn sales programme during the 2010-11 financial year in order to strengthen the property portfolio through profitable, cyclical sales.
