With the sale of three residential projects in Houston, Texas, to the local developer Sueba, the Vienna-based property company Immofinanz Group has nearly completed its exit from the US market. This recent transaction brought in $60m, (47.3m), exceeding the book value of the properties. The two projects had almost 1,000 units all, while the deal for a third project of 277 apartments in San Antigua is near completion.
“Although the US business has shown sound development in spite of the economic crisis, the time is right to withdraw from this secondary market. We also plan to sell the remaining residential property project in the near future and profitably end our overseas commitment – just as we did in Switzerland,” explained Eduard Zehetner, CEO of Immofinanz Group, on the Group’s focus on its core markets.
