S IMMO intends to sell part of its German residential portfolio
The Management Board and Supervisory Board of S IMMO AG have today decided in principle to sell part of the German residential portfolio of S IMMO Group by means of a structured sales process with a selected group of prospective purchasers. The portfolio intended to be sold consists of properties in Berlin and Hamburg with approximately 1,500 units, accounting for slightly more than 20% of S IMMO’s portfolio in Germany. The company expects a positive contribution to earnings as a result of the intended sale.
Ernst Vejdovszky, CEO of S IMMO AG, commented: “We observe a very dynamic market in Berlin – whether, and if so for how long the current trend continues, we cannot predict. We therefore have decided to sell part of these properties in the sense of our cycle-oriented strategy. Germany remains an important market for us in which we will continue to invest.”