Both the development project for the second construction phase in Schwarzenbruck and the first construction phase of the major project in Interpark, near Ingolstadt, will be completed on time and on budget – and handed over to the tenants in a few days. The lettable space of the property portfolio will therefore rise by a further 37,200 square metres, with this space starting to generate revenue for the financial year 2020 as a whole.
As of the end of the year and after a long-term ownership, VIB is selling a mixed-use property with retail and office space with some 10,000 square metres of lettable space. The sale proceeds will be directly reinvested in lucrative in-house developments. A non-disclosure agreement has been concluded with the buyer in respect of the selling price.
"We are delighted to achieve excellent results in all operational aspects connected with portfolio optimisation," explains Martin Pfandzelter, Chief Executive Officer of VIB Vermögen AG. "By directly reinvesting the sale proceeds in new projects, we are not only reducing the age of our portfolio but are also driving the profitable company growth."