IMMOFINANZ, in line with its strategy, has sold four office buildings in Warsaw to the Indotek Group, a leading Hungarian real estate firm. The buildings have total rental space of approximately 45,300 sqm. The sales price amounts to EUR 72.5 million and the transaction closed today.
“Following the acquisition of our Warsaw Spire myhive landmark, the process of focusing our Warsaw standing investment office portfolio on our innovative myhive office brand is at an advanced stage. The transaction with the Indotek Group was signed before the outbreak of the Covid-19 pandemic – we are pleased to have now successfully finalised the sale”, stated Dietmar Reindl, COO of IMMOFINANZ.
The office properties sold are located in the Warsaw districts of Mokotow, Ochota as well as Włochy and had an average occupancy rate of 80% at the end of December 2020.
Throughout the process IMMOFINANZ was represented by Penteris Law Firm in Warsaw, the buyer by Greenberg Traurig.
IMMOFINANZ is a commercial real estate group whose activities are focused on the office and retail segments of seven core markets in Europe: Austria, Germany, Poland, Czech Republic, Slovakia, Hungary and Romania. The core business covers the management and development of properties, with a strong focus on the STOP SHOP (retail), VIVO! (retail) and myhive (office) brands, which stand for a commitment to quality and service. The company has a real estate portfolio of approximately EUR 4.9 billion covering around 210 properties. The company is listed on the stock exchanges in Vienna (leading ATX index) and Warsaw. Further information under: Http://www.immofinanz.com
About Indotek Group
Indotek Group is one of the leading investment managers in Hungary and in the CEE region. The main activity of the Hungarian American owned company is to invest assets under management primarily in real estate and non-performing corporate loans secured by real estate. The core of the company’s activities is calculated and professionally managed risk-taking, as well as long-term thinking, which together enable the company to achieve outstanding returns. The company, which employs about 330 people, owns more than 300 properties. The total size of buildable and leasable real estate exceeds 1.7 million square meters, which accommodate more than 3,500 tenants. Indotek Group’s real estate portfolio includes, among others, more than 30 office buildings, more than 20 shopping centres and several industrial and logistic halls. The company is also present in the Hotel industry, and residential real estate market. Further information under: https://www.indotek.hu/en/