ARTICLES LABELLED WITH TAG Austria

Immofinanz published its results for the 2019 financial year. The clear improvement of 18.1% in rental income and 30.2% in FFO 1 from the standing investment business underscore the profitable growth of the portfolio to approximately €5.1 billion. Net profit rose by 61.9% to €352.1 million and goes hand in hand with a solid financial position: Cash and cash equivalents total €345.1 million. In order to strengthen this very good cash position, an unsecured revolving credit facility of €100 million was concluded at the end of March 2020.

In view of the COVID-19 pandemic, the Management Board of CA Immo has decided to reschedule the 33rd Annual General Meeting from originally 7 May 2020 to 25 August 2020. As a result, the resolution on the appropriation of net profit for 2019 and a dividend payment will also be postponed.

In view of the COVID-19 pandemic, Immofinanz has decided to reschedule the 27th Annual General Meeting (AGM) which was originally planned for 22 May 2020. The AGM will now be held on 1 October 2020 in Vienna. This change will also result in the postponement of the resolution on the use of profit for 2019 and a dividend payment.

CA Immo presented its financial results for 2019 with a significant increase in recurring earnings (+13%) and rental income (+15%).  The company expects challenging conditions on CA Immo's core markets due to COVID-19.

Austria’s economic growth curve is set to follow a V-shaped course in the wake of the coronavirus and the containment measures implemented, according to Bank Austria, a member of UniCredit Group.

Oliver Schumy, the CEO of Immofinanz AG, is leaving the Company as member of the Executive Board on 18 March 2020. The premature termination is based on mutual agreement due to personal reasons. As of 19 March 2020, the Executive Board of the Company is thus composed of the members Dietmar Reindl and Stefan Schönauer, who will continue all agendas.

Carpinus Holding GmbH has acquired a total of 12,000,000 shares in Immofinanz, corresponding to a shareholding of approximately 10.71%. The indirect shareholders of Carpinus Holding GmbH are Peter Korbacka and RPR Privatstiftung (Ronny Pecik).

CA Immo has taken the decision to bring an action for damages against the Republic of Austria and the Province of Carinthia for unlawful and culpably biased influence on the best bidder procedure in the context of privatization of the Federal Residential Property companies in 2004 and for the unlawful failure to win the best bidder procedure.

According to the latest RICS Commercial Property Monitor, occupier and investment sentiment remains mostly positive across main CEE markets with the exception of Bulgaria where the outlook is slightly negative. Retail continues to suffer across the region as demand for retail assets fell on both the occupier and investment sides of the market in most countries.

Erste Group Bank AG has appointed Patrick Zehetmayr to head the banking group’s commercial real estate business, which encompasses non-residential activities at both the stock-listed company’s holding level and at Erste Bank Oesterreich, the group’s Austrian subsidiary. In his new role, Zehetmayr is responsible for the group’s commercial real estate coverage and financing activities, as well as for the real estate leasing business of Erste Group Immorent (EGI), whose supervisory board he chairs.