ARTICLES LABELLED WITH TAG Austria

For Vienna-based investor GalCap Europe, last year was a busy one with three additional deals closed compared to 2019. Managing Partner Paul W. Hallam talked to Property Forum about the experiences of last year and shared the company’s investment strategy for 2021.

German-focused investor Aggregate Holdings S.A. confirmed that it may be considering a potential acquisition of a stake in CA Immo, which may also include launching a partial takeover offer for shares in CA Immo in accordance with the provisions of the Austrian Takeover Act.

US investor Starwood Capital, through its Luxembourg holding company SOF-11 Klimt CAI S.à r.l., has increased its stake in Austrian company CA Immo to 29.99% in the past few weeks and announced a takeover offer for the remaining shares for €34.44 per share. Starwood also plans to submit an offer for CA Immo’s convertible bonds.

Immofinanz is continuing the expansion of its Stop Shop retail park brand, as announced, and has added eight locations to the portfolio shortly before the end of the year. Six fully rented retail parks in Serbia and the Czech Republic with roughly 43,000 sqm were purchased from Mitiska REIM, a Belgian investor specialised in these types of commercial properties. In addition, Immofinanz closed the purchase of a fully rented retail park (approx. 5,500 sqm) in Voitsberg, Austria, during the fourth quarter of 2020. The portfolio in Croatia will be increased by one property in the city of Ludbreg.

Evax Holding GmbH, a company owned by Peter Korbačka’s Eurovea Services, has purchased 3,836,988 shares of S Immo AG, corresponding to a 5.21% stake, from Etamin GmbH & Co KG. The transaction, which took place on 12 November, has made the Slovak businessman the third largest shareholder in the Austrian company.

Immofinanz recorded an increase in rental income and in the results of asset management and property sales during the first three quarters of 2020 despite the COVID-19 crisis. FFO 1 (before tax) was only slightly lower than the previous year at €89.2 million. After an adjustment for the straight-lining of a bond coupon payment in Q1 2020 over 12 months, FFO 1 improved by 10.1% to €92.4 million. The capital measures carried out in Q3 2020 strengthened the equity ratio and reduced the net LTV to 38.4%. The strong cash position of €601.9 million at the end of September was increased to approximately €1.2 billion by the benchmark bond issued in October and an undrawn credit line.

CA Immo successfully placed a €350 million fixed rate senior unsecured green bond with a 5-year maturity and an annual coupon of 1.0%. The issuance was oversubscribed more than 5.4 times at final terms with strong demand by more than 150 investors.

Immofinanz successfully placed €500 million fixed-rate senior unsecured notes with a 7-year maturity and a 2.50% fixed coupon on 8 October 2020. The net proceeds of the issue of the notes will be used to refinance existing debt, capitalize on value-creating growth opportunities, and for general corporate purposes. The issuance was oversubscribed around 2 times with strong demand by more than 110 investors.

The SES-operated shopping centre Weberzeile located in Ried, Upper Austria, now generates its own environmentally friendly solar power, which is also the case at SES shopping centre Murpark in Graz. Last week, SES Spar European Shopping Centers commenced operation of a 520-kWp photovoltaic rooftop installation, which produces approximately 500,000 kilowatt-hours of clean electricity per year for its own use and reduces CO2 emissions by 128 tons. The photovoltaic system installed atop Weberzeile is the largest to be mounted by SES to date and is the benchmark for the installation of solar power systems on the roofs of other SES shopping centres throughout Austria.

Warimpex achieved a positive operating result (EBITDA) in the first half of 2020 despite losses in the hotel segment due to the coronavirus. This can be attributed primarily to the earnings contribution from the rental of office properties – this segment saw a 15% increase in revenues compared with the prior-year period. Following the posting of property impairments and currency losses, this led to a loss of €21.7 million for the first half of 2020, including a result of minus €3.0 million for the second quarter of 2020.