Immofinanz sells an apartment house in Vienna for €33m

The Immofinanz Group has sold the Mariahilfer Strasse 53 in Vienna. The apartment building is a revitalized structure that was built in the late 19th century: the ground floor and first floor of the building, which has 4,000 m² of usable space, contain retail areas that are leased to a well-known textile chain; the rest of the space includes offices and apartments. The selling price topped €33 million, which is significantly higher than the current carrying amount.

„Apartment buildings are frequently used as selling space, especially in the inner city of Vienna, and – as this transaction shows – have also become increasingly popular with institutional investors. We are pleased to have again received an attractive price for one of our properties in this favorable market environment,“ commented Daniel Riedl, member of the Executive Board of Immofinanz Group.

Immofinanz Group launched a five-year, €2.5 billion sale program during the 2010/11 financial year, which is designed to adjust and increase the turnover of the property portfolio.