IMMOFINANZ AG takes over 100% of Zagreb's Grand Centar (AT/HR)

As of April 6, 2011 IMMOFINANZ AG acquired the remaining 20% stake in the Grand Centar in Zagreb through its subsidiary IMMOEAST Allegro Beteiligungs GesmbH. This stake was previously held by Generali Immobilien AG. The Grand Centar in Zagreb is one of the most important office properties in the Croatian capital.

The Grand Centar is located in the central business district of Zagreb and, with 15,883 m² of rentable space (including 78% offices), is one of the most attractive office sites in that city. The benefits of this prime location and excellent infrastructure are enjoyed by tenants such as Strabag AG, TPA Horvath and Cisco Systems.

"The acquisition of this 20% stake reflects our strategy to take on the overall responsibility for our properties. We will now be able to dispose over the object independently, to manage and market it in accordance with our own objectives and to fully integrate it into our group," explained Manfred Wiltschnigg, member of the IMMOFINANZ Executive Board, on the reasons for purchasing this stake from Generali Immobilien AG.

The office market in Zagreb is beginning to recover, and the demand for high-quality office space has started to increase. "For us, it was the ideal time to take over the final stake in the Grand Centar," added Wiltschnigg.

Source: ACCEDO Austria GmbH

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