Austrian property group Immofinaz recently announced that the sale of its self storage chain City Box to Shurgard. The sale marks the first significant move by the company’s new CEO Oliver Schumy. The 23 locations were sold to a market specialist and will dramatically cut Immofinaz’s exposure in its non-core market. At the height of its operations, the company had a balance sheet of around £137 million.
“This sale represents a further strategic step to adjust and optimize our portfolio and concentrate on our core markets in Central and Eastern Europe. At the same time, we are also benefitting from the dynamic demand by investors in this segment“, commented Oliver Schumy on the transaction in a press release issued by the company.
The sale is expected to close by the end of July and will substantially reduce the share of non-core countries in Immofinaz’s standing investment portfolio to 1.5% (compared with 3.5% at the end of January 2015).
Shurgard has storage centers in Belgium, Denmark, France, Germany, Sweden, United Kingdom and through Public Storage, it offers self storage solutions from over 2, 000 locations in the United States. It offers itself as a tailor-made solution in over 2, 200storage locations worldwide.
Immofinaz Group is one of the leading listed property companies in Europe. The company is included in the leading ATX index of the Vienna Stock Exchange and also trades on the Warsaw Stock Exchange. Since its founding in 1990, the company has compiled a high-quality property portfolio that now comprises more than 470 investment properties with a carrying amount of approx. EUR 6.8 billion. IMMOFINANZ Group concentrates its activities in the retail, office and logistics segments of eight regional core markets: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and Russia.