IMMOFINANZ Group announced the recent sale of two logistics properties - the Bokserska Distribution Park in Warsaw and the Westpoint Distribution Park in Prague. Both transactions took place above book value, with the combined proceeds totalling approx. €33.2 million. The Westpoint Distribution Park was sold to Central Group, while the Bokserska Distribution Park was sold to "UK & European Investments", a family office from Great Britain.
"These two transactions reflect our strategic exit from the logistics sector in Poland and the Czech Republic. Our investments in the Czech Republic are now concentrated in the retail and office asset classes. In Poland, we currently hold two other logistics properties that are designated for sale over the medium-term", explains Eduard Zehetner, CEO of IMMOFINANZ Group. "Our focus for the development of logistics properties lies on the core markets of Germany, Romania and Russia."
The Bokserska Distribution Park is located in a logistics area in the south of Warsaw and has roughly 17,500 m² of total space. The building was constructed in 2001, is fully rented and has excellent connections to the traffic network. The Westpoint Distribution Park, which was built in the 1970s, has nearly 64,000 m² of total space.
With these sales, IMMOFINANZ Group has again demonstrated the steady pursuit of its strategy to sell real estate whose use, size, location or quality does not fit with the target portfolio.