The IMMOFINANZ Group has completed a further step in its portfolio optimization with the sale of the Bauhaus Budweis retail property to the CPI Group, a local investor, for 17.2 million.
This project was finalized by the IMMOFINANZ Group together with EYEMAXX Real Estate, an international property developer, in spring 2010 and opened this past April.
This specialty shopping center was fully rented to the international Bauhaus building materials chain during the development phase and is located in Budweis, the largest city in Southern Bohemia. The Budweis region covers more than 10,000 km² and has approx. 650,000 residents.
The city of Budweis is situated directly on the E55 motorway, making it a major crossroad between Linz and Prague. The building materials market is located in the northwestern section of the city, close to a major shopping center in the Vltava district. The property has approx. 42,000 m² of space of which 17,400 m² are available for rental as well as 380 parking spaces.
Investments on the rise in Eastern Europe
The Eastern European property sector registered a strong 190% increase in the volume of investments to 1.7 billion for the first half of 2010. The Czech property market has remained stable, with a slight upward trend. For the IMMOFINANZ Group, the Czech Republic is one of the most interesting markets in Eastern Europe. The company is currently developing a mixed-use property at a prime location in the inner city of Prague.
Eduard Zehetner, CEO of the IMMOFINANZ Group, on this transaction: "It was always clear for us to sell this property after the successful completion. The sale price in excess of book value once again confirms our NAV and also underscores the quality of our portfolio."
Source: ACCEDO Austria GmbH