Immofinanz Signs Letter of Intent for Sale of Hungarian Offices to S Immo
Immofinanz has signed a letter of intent for the sale of its Hungarian office properties to S Immo, according to a press release sent to the Budapest Business Journal.
This transaction is taking place through close cooperation within the CPI Property Group to realize synergy effects and can be used to extend Immofnianz’s successful and flexible Myhive office solutions to the entire group. The Hungarian portfolio includes six buildings in Budapest with roughly 124,000 sqm of rentable space. The closing of the transaction could take place before the end of 2022.
Immofinanz's portfolio strategy calls for the continuation of the value-creating growth course. New investments will focus on retail and office assets in the current market environment. In addition, active portfolio management will include the sale of real estate with a combined value of roughly EUR 1 billion and the investment in properties with higher returns in the company's core markets or the use of these funds to repay debt.
In line with this strategy, the company announced the recent sale of an office building in Prague as well as the acquisition of a retail portfolio from the CPI Property Group.
The sale of the Hungarian office properties to S Immo would, from a legal standpoint, represent a “transaction with related parties“, according to the press release. These types of transactions are subject to high transparency and compliance requirements, and Immofinanz is committed to maintaining the highest corporate governance standards.
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