ARTICLES LABELLED WITH TAG Immofinanz

The Austrian Takeover Commission notified Immofinanz that a review procedure is being initiated with respect to Immofinanz as the target company.

The Management Board and the Supervisory Board of Immofinanz have decided to launch a voluntary public takeover offer to acquire a controlling interest pursuant to Section 25a of the Austrian Takeover Act for all outstanding no-par value bearer shares of S Immo not owned by the bidder.

Major upgrades have launched recently in the myhive Haller Gardens office building, owned by Immofinanz in Budapest and a showroom has been completed in the first phase as planned. The large-scale renovation will affect the entire office building. In addition to the significant energy and technical improvements, the building’s exterior facade, community and office spaces, restaurant and café will be renovated, just as the roof terrace and surrounding garden that will be significantly rebuilt.

Immofinanz CEO Ronny Pecik has signed as agreement to sell his stake in the Austrian company and consequently intends to submit his resignation from Immofinanz’s executive board.

Immofinanz has received a building permit for the newest planned project under the Stop Shop brand in Zielona Góra. The beginning of construction works is planned in the nearest future and the completion of the new Stop Shop Zielona Góra retail park is scheduled for the turn of 2021/2022.  

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.

Immofinanz has sold another 3 ha plot of the former IUS industrial platform in Brașov, to an undisclosed real estate developer. The price is estimated at around €7 million, according to economica.net.

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.

Immofinanz has appointed Savills as sole property manager for its portfolio of seven office buildings in Prague, Czech Republic, with effect from January 2021. The total floor area of the assets is approximately 123,000 sqm.

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.