The Management Board and Supervisory Board of S IMMO AG have today decided in principle to sell part of the German residential portfolio of S IMMO Group by means of a structured sales process with a selected group of prospective purchasers. The portfolio intended to be sold consists of properties in Berlin and Hamburg with approximately 1,500 units, accounting for slightly more than 20% of S IMMO’s portfolio in Germany. The company expects a positive contribution to earnings as a result of the intended sale.
Ernst Vejdovszky, CEO of S IMMO AG, commented: “We observe a very dynamic market in Berlin – whether, and if so for how long the current trend continues, we cannot predict. We therefore have decided to sell part of these properties in the sense of our cycle-oriented strategy. Germany remains an important market for us in which we will continue to invest.”
S IMMO AG
As Austria’s first stock exchange listed real estate investment company, S IMMO AG has stood for expertise, a strong portfolio, and profitable growth since 1987. The company invests in commercial property (office, retail, and hotel) as well as residential property in four regions (Austria, Germany, and Central and Southeastern Europe). S IMMO AG’s strategic core shareholders are Erste Group and Vienna Insurance Group.