Sparkassen Immobilien sells stakes in Austrian properties (AT)

Vienna-listed Sparkassen Immobilien AG sold its 75% stake in Vienna's department store Steffl to the owner of the remaining 25%, the Hans Schmid Private Trust, on 31 July 2007. The parties agreed not to disclose the purchase price. The 'Steffl' department store located in Kärntner Strasse 19 in Vienna , has a total of 12,500 m² of retail space, and roughly 1,400 m² of gastronomy and office space combined.

At the same time a preliminary agreement has been concluded for the sale of Herzmansky, the department store in Vienna's Mariahilfer Strasse 26-30, to a project company of the Peek & Cloppenburg Group. The sale is scheduled to be completed before the end of 2007. Also in this case, the parties agreed not to disclose the purchase price. The total lettable space of this property located in Vienna's renown shopping street amounts to 18,200 m², of which 16,300 m² is retail space – in Vienna's major shopping street – with the remaining 1,900 m² consisting of office and other space.

Sparkassen Immobilien AG is taking advantage of the prices currently obtainable for properties in Vienna to dispose of investments in Austria and intends to re-invest the proceeds in properties and development projects in CEE and countries in South Eastern Europe, where it expects higher yields.

Source: Sparkassen

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