A subsidiary of Immofinanz has sold its 30% stake in the Austrian self-storage business arm, SelfStorage-Dein Lager Lagervermietungs, to local operator MyPlace SelfStorage Holding for around EUR 34 mln. The closing is scheduled for end-July 2011.

'This sale marks a further step in the realisation of our strategy to either sell minority holdings or to develop these investments into majority interests,' said Eduard Zehetner, Chief Executive Officer of Immofinanz.

The purchase price is also substantially higher than the carrying amount and the acquisition cost, he added.

Immofinanz bought the interest back in 2005. SelfStorage-Dein Lager focused on the development of a portfolio of self-storage facilities in Vienna and other Austrian cities.