Vienna-based Immofinanz plans to sell its entire logistics property portfolio as well as all of its development projects in this sector and concentrate on what it describes as its core competences: retail and office. The company’s logistics business consists of 1 million sqm of rentable space and various warehouse development projects in western and eastern Europe. Most of the properties are located in Germany but it also has assets in Poland, Hungary, Slovakia, Romania and Russia. Immofinanz also plans to sell its 49 percent stake in the housing group Buwog before the end of fiscal 2015/2016. The company said it made a €361.4mn loss in 2014 because of falling property values in Russian and Eastern Europe.
