IMMOFINANZ announced the sale of the Twin Towers on Wienerbergstrasse in Vienna to S IMMO. Considered among Vienna's most renowned office towers, the Twin Towers comprise a gross lettable area of about 66,000m², were recently valued at €194m and generate rental income of €12.6m per year.
Management and leasing of the property, which is 100% occupied and operates under the myhive brand, will continue to be carried out by IMMOFINANZ. Because IMMOFINANZ fully consolidates S IMMO, the transaction will not have any impact on the Group’s financial position.
Herwig Teufelsdorfer, member of the Management Board of S IMMO AG, commented: "We are proud to add these excellent office properties to S IMMO's portfolio in our home market of Vienna. This purchase will make a positive contribution to our earnings and is consistent with our portfolio optimisation strategy."
“This sale is consistent with our focused portfolio strategy,” said Pavel Mechura, a member of the Executive Board of IMMOFINANZ. “We continue to capture synergies and efficiency gains along with S IMMO, which will ultimately benefit all stakeholders."
