Commercial real estate group IMMOFINANZ, present in seven European markets including Romania, said its supervisory and executive boards decided to continue the suspension of detailed discussions regarding the merger with CA Immo.

IMMOFINANZ pointed out that the sale of its Russian portfolio near the end of 2017 boosted the group’s reorganization efforts. The company expects improved corporate indicators in the coming quarters.

“The possible merger of the two companies during the 2018 financial year is therefore no longer expected from the current point of view,” said IMMOFINANZ.

The group’s real estate portfolio has an estimated value of EUR 4.2 billion and covers more than 250 properties.

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