19 Juli 2024
FLE SICAV FIS Successfully Sells Eight Office Buildings Over the Past Six Months
FLE has recently completed individual transactions for the successful sale of seven office buildings in Germany and one in Vienna, marking a significant milestone in the company’s strategic portfolio optimization. Over the past six months, these transactions have demonstrated FLE’s adeptness at navigating the complex real estate market of today and its commitment to reshaping its asset base for future growth.
Strategic Rationale Behind the Sales
The decision to divest these properties is rooted in a comprehensive strategy aimed at refining its portfolio to focus on more modern and high-yield assets. The sold buildings were on the one hand characterized by their excellent locations in prospering A and B cities and their continuously high occupancy rates, but on the other hand by their age and the need for significant mid-term refurbishment.
By offloading these properties, FLE has freed up capital that can be redirected towards acquiring contemporary and sustainable real properties of different uses.
Details of the Transactions
The assets, which were held for more than 12 years on average, are located in city centers of the respective German towns and in an upcoming district of Vienna. They have attracted mostly private investors with local and international background. The sales process saw robust interest, resulting in competitive bidding that ultimately achieved very favourable sale prices for FLE.
The success in these transactions underscores the strength of the German and the Austrian real estate market. Despite global economic uncertainties, there remains a healthy appetite for well-located properties with the potential for redevelopment and value addition.
Future Outlook for FLE and Conclusion
Dr. Alexander Klafsky, the managing partner of FLE comments: “With the proceeds from these sales, we are very well-positioned to pursue new investment opportunities. We will focus on acquiring properties in DACH and CEE that offer high returns and align with sustainable building practices. We will use the current down-cycle to pave the way for continued growth and future success.”
About FLE / LFPI
FLE GmbH is based in Vienna and part of the French LFPI group. LFPI is an independent international multi asset manager with approximately EUR 28 billion of assets under management. FLE GmbH is LFPI’s regional asset manager for real estate investments into DACH and CEE as well as forest investments in Europe.
For questions please contact:
Ms. Enikö Szivek
Assistant to the management
+43 1 532 02 11 20
eniko.szivek@fle.co.at
FLE GmbH
Palais Kinsky
Freyung 4/12, 1010 Wien, Österreich
office@fle.co.at
Tel.: +43 1 53202110