Immofinanz sells its entire logistics portfolio

Real estate developer Immofinanz has signed a contract with Blackstone for the sale of its entire logistics portfolio, which includes , Silesia Logistic Park near Częstochowa and Warsaw-based Łopuszańska Business Park, in order to "strengthen the focus on the group's core expertise in the retail and office segments," a company press release read. The purchase price is determined by the property value of some €536 million, reduced by construction costs of approx.  €28 million for the three development projects. "The liquid funds released by the transaction will be invested in the expansion of our German portfolio, which will grow to nearly 200,000 sqm of rentable space and up to some €40 million of rental income per year by mid-2018 with the office development projects currently in progress," said Immofinanz CEO Oliver Schumy as quoted in the press release. The transaction covers all 36 logistics standing investments with some one million sqm of rentable space, which are located for the most part in Germany (24 properties) as well as in Hungary (5),Romania (3),Poland (2),Slovakia (1) and Russia (1). Blackstone will also purchase three development projects with approx. 65,000 sqm currently under construction in Hamburg (DE),Bucharest and Ploiesti (RO),which will be completed by Immofinanz, as well as land reserves. Blackstone will integrate all the assets into Logicor, its European logistics platform, the press release also read. The transaction is to be completed in the first quarter of 2016.