As part of its sales strategy in Germany, S IMMO signed contracts to sell a substantial portfolio of 18 German commercial and one residential properties with a total property transaction value of EUR 255,000,000 through separate share and asset transactions on May 28, 2024. This amounts to a roughly 9.5% discount on book values as of December 31, 2023, owing principally to the fact that this is a portfolio transaction.
The assets are located in Berlin, Erfurt, Halle, Hamburg, Leipzig, Potsdam, and Rostock, totaling about 145,000 sqm of lettable area. The sale will take place in stages; some deals will be completed soon, with the final sales slated to close in the fall of 2024. The proposed acquisition aligns with the objective of progressively withdrawing from the German market.
