Vienna-listed Immofinanz has announced the disposal of assets in nine funds to a number of European investors. The investment volume will amount to EUR 137 - 140 mln, depending on foreign exchange rate movements over the next 12 months.

The investments were financed with 100% of equity by subsidiaries of the Immofinanz Group.

Immofinanz divested its interest in five European funds - Europa Emerging Europe Fund, Europa Fund II, FF&P Russia Real Estate, FF&P Development and Polonia Property Fund II - as well as four American investment vehicles - Carlyle Halley Co- Investment, Prologis North American Industrial Fund II, Gotham City Residential Partners I and Broadway Partners Real Estate Fund II.

'These sales are further proof of the steady implementation of our new corporate strategy, which not only calls for a concentration on the four core segments of office, retail, logistics and residential properties, but also includes the sale of financial investments like funds and minority interests as well as the optimisation of our property portfolio,' said Eduard Zehetner, CEO of Immofinanz.

'We were also able to complete this extensive sale at a price that reflected the carrying amount. The proceeds will be reinvested solely in high-quality standing investments and development projects, in order to generate sustainable earnings for our shareholders.'

Following the transaction, Immofinanz still holds investments in 18 funds with a combined amount of slightly more than EUR 160 mln. The company plans to sell these investments in the short- to medium-term.