The IMMOFINANZ Group has made its next move in optimizing its portfolio in Germany. As part of its sales program, the IMMOFINANZ Group successfully sold a retail park in Castrop Rauxel (near Dortmund) via its 100% subsidiary IMF Deutschland GmbH. The buyer, Cordea Savills German Retail Fund, a Luxembourg-based investment fund specialized in retail property, purchased the property for 9.8 million.
The retail park was built in 2004 and is conveniently located for transport links. The park has a total rental area of around 10,000 m² with 380 parking spaces and a tenant mix including Media Markt, Tedox and Dänisches Bettenlager.
German property market recovering
The German property market is recording positive development. In Germany, the total transaction volume (of commercial properties) in 2010 came to 19.4 billion twice the total recorded in 2009.
Dr. Manfred Wiltschnigg, member of the Executive Board of the IMMOFINANZ Group: "This property was our only retail park in Germany. In line with our new portfolio strategy, the IMMOFINANZ Group will be focusing on managing properties in the office, residential and logistics sectors in Germany from now on."
Source: ACCEDO Austria GmbH