Immofinanz sells its logistics properties in Romania

Austrian real estate developer Immofinanz officially announced yesterday the sale of its entire logistics portfolio to Logicor, the subsidiary of Blackstone, the largest investment fund in the world. The deal also included the three logistics properties Immofinanz owned in Romania, which were sold for EUR 24.2 million. Blackstone thus returns to Romania’s logistics market, after it sold the real estate investment company Valad Europe this spring. Immofinanz has sold to Logicor all its logistics properties, including those in Germany (24), Hungary (5), Romania (3), Poland (2), Slovakia (1) and Russia (1). The total rentable area of the logistics spaces owned by Immofinanz in Romania amounts to over 52,000 sqm, with an occupancy rate of 95.3%. The rental income of Immofinanz for the local industrial spaces amounted to almost EUR 600,000 in the first quarter of the 2015-2016 fiscal year. Blackstone will also acquire three development projects of about 65,000 sqm, which are currently under construction in Hamburg, Bucharest, and Ploiesti, and will be completed by Immofinanz. editor@romania-insider.com