Cycle-optimized sales represent a key element of the IMMOFINANZ real estate machine. With the sale of the Mariahilfer Strasse 53, an apartment building in Vienna, IMMOFINANZ Group recently completed such a transaction.
This property is a revitalized structure that was built in the late 19th century: the ground floor and first floor of the building, which has 4,000 m² of usable space, contain retail areas that are leased to a well-known textile chain; the rest of the space includes offices and apartments. The selling price topped 33 million, which is significantly higher than the current carrying amount.
"The building at Mariahilfer Strasse 53 has been in our portfolio for over 10 years and on our 'to sell' list for some time because our activities in the retail segment are concentrated on Quality Shopping Centers and our STOP.SHOP. retail park chain.
"Apartment buildings are frequently used as selling space, especially in the inner city of Vienna, and as this transaction shows have also become increasingly popular with institutional investors. We are pleased to have again received an attractive price for one of our properties in this favorable market environment," commented Daniel Riedl, member of the Executive Board of IMMOFINANZ Group.
IMMOFINANZ Group launched a five-year, 2.5 billion sale program during the 2010/11 financial year, which is designed to adjust and increase the turnover of the property portfolio.
The sale of the Mariahilfer Strasse 53 highlights the continuation of this successful program. The transaction is also a perfect match and an excellent contribution to the company's recent activities to speed up the real estate machine.