ARTICLES LABELLED WITH TAG Austria

Immofinanz Group has announced the completion of the minority shareholders of S Immo, at a price of €22.05 per share, as of December 3. 

Immofinanz Group is acquiring a further 28,241,094 shares in S Immo from its core shareholder CPI Property Group, thus increasing its stake in S Immo to around 89%.

Property group CA Immo has appointed Vojtech Ozorovsky as Head of Asset Management for Austria and CEE. He joined the company in 2020 as Senior Asset Manager.

The Supervisory Board of Immofinanz has approved the commencement of preparations for a squeeze-out of S Immo in accordance with the Austrian Squeeze-out Act. In the course of the squeeze-out, shares in S Immo held by minority shareholders shall be transferred to Immofinanz as the main shareholder in exchange for appropriate cash compensation.

Cushman & Wakefield has signed an exclusive affiliate agreement with CBS International to deliver commercial property services in Austria. The affiliate agreement builds upon an existing successful relationship between the two firms, with CBS International having been Cushman & Wakefield’s affiliate in Serbia and Montenegro since 2018 and Croatia since 2019.

CA Immo has reported a solid operating performance for the 2023 business year. The results show, among other things, a significant increase in rental income (+8%) and high income from the sale of non-strategic properties (sales result of €179 million, FFO II +102%), which led to an increase in the operating result (EBITDA) of 115% compared to the previous year´s figure. Although the company had to record a market-driven non-cash revaluation loss of €532 million in 2023, the EBITDA of €322 million offsets a large part of the full-year revaluation loss, resulting in a consolidated net income of €–224.5 million for financial year 2023.

Immofinanz is taking another step in optimising its portfolio by selling two office properties in Vienna. The properties in the 20th district of Vienna have been sold to an Austrian real estate investor. This sale follows several others executed by CPI Property Group, Immofinanz' majority owner, in a bid to raise cash for repaying debts.

Signa, one of the largest real estate holdings in Austria, said it would file for insolvency on Thursday in Vienna, after one of its subsidiaries took a similar step earlier in Germany.

CA Immo has reported a good operating performance for the first three quarters of 2023. The results show, among other things, a significant increase in rental income (+9%) and high income from the sale of non-strategic properties (sales result of €158 million, FFO II +88%), which led to an increase in the operating result (EBITDA) of 129% compared to the previous year´s figure. In total, CA Immo generated a consolidated net profit of €61.1 million, which was around 77% below the previous year's figure, primarily due to the non-cash-effective, market-related negative result from revaluation.

Starting in January 2024, Martin Löcker (47) joins CA Immo as Group Head of Development, taking over responsibility for all development, construction, and engineering activities across the Group, including those of Matthias Schmidt who will leave the company at the end of 2023 and will pursue new professional opportunities.