IMBEA IMMOEAST Beteiligungsverwaltung GmbH, a subsidiary of IMMOFINANZ AG, has sold its 30% stake in SelfStorage-Dein Lager Lagervermietungs GmbH to MyPlace SelfStorage Holding GmbH.
The purchase price for this investment amounts to 34 million. The contract was signed on May 18, 2011 and the closing is scheduled for the end of July 2011.
"This sale marks a further step in the realization of our strategy to either sell minority holdings or to develop these investments into majority interests", explained Eduard Zehetner, Chief Executive Officer of the IMMOFINANZ Group, on the signing of this agreement.
"The purchase price is also substantially higher than the carrying amount and the acquisition cost, which again confirms our Group's ability to optimally realize assets that are not part of our core business," added Zehetner.
Source: ACCEDO Austria GmbH