Immofinanz continues down its self-imposed road of getting rid of fund investments and minority interest stakes in properties. The latest step is the sale of nine fund investments worth somewhere between €137m to €140m, depending on exchange rate developments over the next few months. The investments were finance-free, meaning the funds will turn up in the company’s cash box in the same amount as the sale price. The cash will come in handy, seeing as CEO Eduard Zehetner is itching to get his hands on more Polish and Russian assets.
Strange, could have sworn we heard Atrium saying something similar just moments ago. Birds of a feather…
But back to Immofinanz. Which funds are now surplus to requirements?
This transaction by the IMMOFINANZ Group covers the sale of investments in five European (Europa Emerging Europe Fund Ltd., Europa Fund II LP., FF&P Russia Real Estate Ltd., FF&P Development Ltd. and Polonia Property Fund Ltd. II) and four American (Carlyle Halley Co- Investment Inc., Prologis North American Industrial Fund II LP., Gotham City Residential Partners I LP. and Broadway Partners Real Estate Fund II, LP.) property funds.