IMMOFINANZ sells Vienna Twin Towers to S IMMO

IMMOFINANZ has announce the sale of the Twin Towers on Wienerbergstrasse in Vienna to S IMMO.

Considered among Vienna's most renowned office towers, the Twin Towers comprise a gross lettable area of about 66,000 m², were recently valued at EUR 194m and generate rental income at EUR 12.6m per year.

“This sale is consistent with our focused portfolio strategy,” said Pavel Měchura, member of the Executive Board of IMMOFINANZ. “We continue to capture synergies and efficiency gains along with S IMMO, which will ultimately benefit all stakeholders.”

Herwig Teufelsdorfer, member of the Management Board of S IMMO AG, commented: "We are proud to add these excellent office properties to S IMMO's portfolio in our home market of Vienna. This purchase will make a positive contribution to our earnings and is consistent with our portfolio optimisation strategy."

Management and leasing of the property, which is 100% occupied and operates under the innovative myhive brand, will continue to be carried out by IMMOFINANZ. Because IMMOFINANZ fully consolidates S IMMO, the transaction will not have any impact on the Group’s financial position.

Source: IMMOFINANZ and S IMMO
Photo: CBRE