Blackstone will also purchase three development projects with some 65,000 sqm, as well as land reserves.  The three projects are currently under construction, of which two are located in Romania (Bucharest and Ploiesti) and one in Germany (Hamburg), and will be completed by Immofinanz. Blackstone will integrate all the assets into Logicor, its European logistics platform.


The purchase price is determined by the property value of about EUR 536 million, less construction costs of approximately EUR 28 million for the three development projects. This value roughly represents the total carrying amount as of 31 July 2015 and confirms the revaluation of the logistics properties during the 2014/15 financial year. The final purchase price will be determined on the basis of financial statements prepared as of the closing date.


The sale is subject to antitrust approval from the authorities. The closing is expected to take place during the first quarter of the 2016 calendar year.


“As announced nearly three months ago, the sale of the logistics portfolio represents an important step to further simplify and optimise our portfolio structure and strengthen the focus on our core expertise in the retail and office segments“, explained Immofinanz CEO Oliver Schumy. “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 approx. EUR 40 million of rental income per year by mid-2018 with the office development projects currently in progress.“


These investments into German assets will increase the share of the standing investment portfolio (based on the carrying amount) in Germany from 7.5 percent to nearly 13 percent (excluding logistics).



Immofinanz is a commercial real estate company whose activities are focused on the retail and office segments of eight core markets in Europe: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and Moscow. The core business includes the management and development of properties. The company has a real estate portfolio of some EUR 6.6 billion that covers more than 440 properties. Immofinanz is listed on the stock exchanges in Vienna (leading ATX index) and Warsaw. (source: