Immofinanz AG Acquires All Stake at Joint Venture from Co-Owner FRANKONIA Eurobau AG

Immofinanz AG announced that it has acquired the remaining stake in the Gerling Quartier real estate development project from the co-owner FRANKONIA Eurobau AG and is the sole owner of this project. The transaction reflects a mutual agreement by the two partners to dissolve their joint venture for strategic reasons. The parties have agreed not to disclose any information on the price for this purchase. The remaining investment of approximately EUR 213 million will be provided as planned by IMMOFINANZ Group as the investor and Sparkasse KoelnBonn as the financing bank.