Vienna listed Sparkassen Immobilien AG has just acquired from Citec Immobilien Group (also based in Vienna) its entire residential rental property portfolio in Germany for a purchase price of €185 million. Sparkassen Immobilien AG is taking over 88 rental properties comprising some 2,200 apartments in prime locations in Berlin and Leipzig. This boosts Sparkassen Immobilien AG's German portfolio to over 120 properties with total lettable space of approximately 400,000 m².
Sparkassen Immobilien AG is acquiring all the shares in Citec Immobilien in Deutschland AG for €185 million and is thereby becoming the owner of its entire residential rental property portfolio. "Citec Immobilien in Deutschland AG's residential properties fit our strategy exactly, since Germany continues to be one of our target markets for acquiring completed properties," comments Ernst Vejdovszky, of Sparkassen Immobilien AG's Management Board. "The portfolio is full of properties in prime locations and also due to our asset management strategy and we see the potential for further appreciation as very attractive." Sparkassen Immobilien AG will continue to expand in Germany - at the beginning of 2007 it announced the acquisition of a large portfolio of 53 apartment buildings in Berlin, which will be transferred during the course of the year. The focus of the Group's acquisitions drive in Germany continues to be on residential property in Berlin and Hamburg.
"Following the successful disposal of two property portfolios in Austria in recent years, we are happy to be able to announce the sale of our German portfolio for EUR 185 million," says Citec Board Member Andreas Ruthensteiner. The Citec Group will use the proceeds of sale to finance its expansion drive.
Source: Sparkassen Immobilien AG