S IMMO AG: Disposal target for 2013 exceeded
S IMMO sold a further five properties.
Stock exchange listed company S IMMO AG (Bloomberg: SPI:AV, Reuters: SIAG.VI) has exceeded its goal of selling properties with a value of approximately EUR 100m this year and will post total disposals of around EUR 130m in 2013. CEO Ernst Vejdovszky reported, “As at 30 September 2013, the proceeds from property sales already came to EUR 90m. The disposals were in Austria and Germany. We concluded five additional deals in recent weeks, surpassing our goal and successfully completing our first transaction in Eastern Europe since 2009.”
This week, S IMMO sold the 9,000 m2 office building at Schottenfeldgasse 29 in the seventh district of Vienna to the public real estate fund "immofonds1" of Immo Kapitalanlage AG. In Germany three properties were disposed of. A few weeks ago, S IMMO also sold the Národni office building in Prague to a member of the ECE Group. This is the first property sold by S IMMO in Central and Southeastern Europe since the beginning of the financial crisis. The building, which has a total space of 2,400 m2, was S IMMO’s first development project in CEE. The parties agreed that no further information will be disclosed about the transactions.
Ernst Vejdovszky discussed plans for the coming financial year: “We are again planning to sell properties worth around EUR 100m in 2014. In terms of investments, we will focus on plots of land where we can build freehold apartments and on office buildings in Berlin.”