Immofinanz to sell €1bn in assets following CPI majority takeover

Austrian investor and developer has embarked on a new strategy following its majority takeover by Czech counterpart CPI Property Group. The new strategy will see Immofinanz sell off up to €1bn in assets.

CPI, which now owns 77% of Immofinanz, plans to sell off existing assets and pay down its debt, investing residual proceeds into higher-yielding retail and office properties, and boosting its ESG credentials.

According to board member Radka Doehring, "With Stop Shop, Vivo! and Myhive, we have first-rate, innovative brands and real estate solutions that perfectly meet the wishes and requirements of our tenants and customers. Our goal is now to further expand this strong position: we want to become the leading provider of retail properties in our core markets. And we will also expand our Myhive portfolio to convince an increasing number of tenants of the advantages of our innovative, flexible and sustainable real estate concept."

Doehring added that the programme will include targeted acquisitions of properties from CPI and maintaining its ambition to achieve net-zero carbon emissions across its entire portfolio.

Immofinanz, which is still listed on the stock exchanges in Vienna and Warsaw, currently owns a portfolio worth around €5.2bn, with about 210 separate properties (as of end-Q3 2021), with assets located in Austria, Germany, Poland, the Czech Republic, Slovakia, Hungary, Romania and the Adriatic region. The breakdown is 63% office properties and 36% retail.