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IMMOFINANZ AG, AT0000A21KS2

IMMOFINANZ AG, AT0000A21KS2

09.07.2019 - 10:01:51

IMMOFINANZ acquires Palmovka Open Park in Prague

IMMOFINANZ acquires Palmovka Open Park in Prague  

Acquisition of office buildings with a total usable area of approx. 25,800 sqm for an agreed property value of roughly EUR 76.4 million Expected rental income of approx. EUR 4.4 million per year will sustainably strengthen earning power Palmovka Open Park, completed in 2018, represents a high-quality addition to the IMMOFINANZ office portfolio in the core market Czech Republic

 

IMMOFINANZ is making a further strategic acquisition in the office sector with the purchase of the Palmovka Open Park in Prague through the takeover of the related real estate holding companies. This office location consists of three buildings with 25,800 sqm of rentable space. The agreed property value amounts to EUR 76.4 million, and the expected rental income totals roughly EUR 4.4 million per year. The seller is Metrostav Development, the project development company which completed the property in 2018. The seller was represented by Knight Frank.

"Following the acquisition of the Warsaw Spire Tower in Poland, this transaction will create further high-quality growth impulses for our office portfolio. The Palmovka Open Park is a first-class office property which will generate stable cash flow and strengthen our presence in the very attractive Prague office market", commented CEO Oliver Schumy on the acquisition. "With the planned integration of the building in our myhive portfolio, we will also increase the recognition of our international myhive office brand in the Czech capital city."

The closing of the transaction took place on 8 July 2019. The tenant mix comprises national and international companies, and the average remaining term of the leases (WAULT) equals roughly 5.7 years. The transaction will be financed with equity and debt.

The Palmovka Open Park has received "BREEAM Excellent" sustainability certification and was recognised with the "Czech Best of Reality 2018" award. It is located in the heart of the rapidly growing administrative quarter directly at the Palmovka underground station in Prague's eighth district and can be easily reached by public as well as private transportation. The area is also highlighted by a wide range of services, neighbouring public parks and close proximity to the Vltava River.

IMMOFINANZ in the Czech Republic

IMMOFINANZ's real estate portfolio in the Czech Republic had a book value of EUR 445.4 million as of 31 March 2019, which represents 10.1% of the total portfolio. The 17 standing investments have approximately 187,900 sqm of rentable space and an occupancy rate of 96.7%.

On IMMOFINANZIMMOFINANZ is a commercial real estate group whose activities are focused on the retail and office segments of seven core markets in Europe: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania and Poland. The core business covers the management and development of properties, whereby the STOP SHOP (retail), VIVO! (retail) and myhive (office) brands represent strong focal points that stand for quality and service. The real estate portfolio has a value of approx. EUR 4.4 billion and covers roughly 220 properties. IMMOFINANZ is listed on the stock exchanges in Vienna (leading ATX index) and Warsaw. Further information under: http://www.immofinanz.com

For additional information contact: Bettina Schragl Head of Corporate Communications and Investor Relations T +43 (0)1 88 090 2290 M +43 (0)699 1685 7290communications@immofinanz.cominvestor@immofinanz.com

09.07.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language: English Company: IMMOFINANZ AG Wienerbergstraße 11 1100 Vienna

Austria Phone: +43 (0) 1 88090 - 2290 Fax: +43 (0) 1 88090 - 8290 E-mail: investor@immofinanz.com Internet: http://www.immofinanz.com ISIN: AT0000A21KS2 WKN: A2JN9W Listed: Regulated Unofficial Market in Berlin, Frankfurt, Munich, Stuttgart; Warschau, Vienna Stock Exchange (Official Market) EQS News ID: 837895   End of News DGAP News Service

837895  09.07.2019 

@ dgap.de