ARTICLES LABELLED WITH TAG Immofinanz

Austrian real estate group Immofinanz will start the refurbishment of shopping centre VIVO! Baia Mare on June 1. The works on the project located in northern Romania will cover more than 10,000 sqm, which is one third of the total surface of the centre. 

The volume of new real estate investments in Romania amounted to €98 million in the first quarter of 2021, driven by the office and industrial segments. The investments were down 19% compared to the same period of 2020, according to a report by CBRE. 

Immofinanz recorded an increase in rental income and results of property sales in 2020 despite the COVID-19 crisis. FFO 1 (before tax and incl. the S Immo dividend) rose by 0.6% year-on-year to €126.1 million, supported by cost savings. Profit before tax equalled €-160.4 million (2019: €350.1 million). After the deduction of €-5.5 million (2019: €-2.5 million) in income taxes, net loss amounted to €-165.9 million (2019: €352.1 million).

Radovan Patrick Vítek, the son of CPI Property Group’s Radovan Vítek, acquired an 8.38% stake in Austrian real estate group Immofinanz. He acquired the shares through Mountfort Investments, according to a major holdings notification published by Immofinanz. This purchase makes 23-year-old Vítek the third-largest shareholder of Immofinanz-

Real estate group Immofinanz says it has concluded a long-term rental contract for roughly 11,000 sqm with healthcare services provider Provita Group. 

Immofinanz has sold four office buildings in Warsaw to the Indotek Group, a Hungarian real estate firm. The buildings have a total rental space of approximately 45,300 sqm. The sales price amounts to €72.5 million.

In Immofinanz's Hungarian portfolio, several lease agreements and extensions of almost 21,000 sqm have recently been completed. Thus, most of the company's local office buildings are currently fully leased.

Immofinanz announced on 29 January 2021 that RPR Privatstiftung has concluded a share purchase agreement on the sale of its share in RPPK Immo GmbH with Revenite Austria S.à.r.l. on 29 January 2021 and that this share purchase agreement is subject to the condition precedent that Eurovea Services s.r.o., which holds the second share in RPPK Immo GmbH in addition to RPR Privatstiftung, consents to the transfer by 31 March 2021 at the latest.

Immofinanz announced on 14 March 2021 to launch a voluntary public takeover offer to the shareholders of S Immo to acquire a controlling interest pursuant to section 25a of the Austrian Takeover Act. The offer price per share of S Immo AG has been announced as €18.04 on a cum-dividend basis. Immofinanz announces that the Executive Board and the Supervisory Board of Immofinanz have resolved upon an increase of the offer price to €22.25 on 25 March.

Immofinanz has acquired the former HQ of BCR in Bucharest for €36 million, both companies announced. The property will be modernized and transformed into a green myhive building, with at least a Gold certification.