The Supervisory Board of Immofinanz AG approved the package sale of the approximately 26% investment in CA Immo. The 25,690,163 bearer shares and four registered shares in CA Immo will be purchased by SOF-11 Starlight 10 €S.à r.l., a member company of the Starwood Capital Group (Starwood). The selling price for all shares covered by the package transaction totals €757.9 million,
Immofinanz has sold two plots of land managed by Adama, a developer part of theImmofinanz group, to Speedwell Real Estate Development. The buyer plans to expand its residential and office development portfolio in the northern part of Bucharest. The purchase price has not been disclosed.
Immofinanz doubled the results of operations to €35.5 million in the first quarter of 2018 (Q1 2017: €17.8 million). Rental income rose by 3.3% to €59.0 million. The results of asset management increased by a sound 14.1% to €45.0 million following a substantial reduction in property expenses. Both the results of property sales and the results of property development turned clearly positive: the results of property sales improved to €3.5 million (€-6.0 million) and the results of property development to €1.8 million (€-5.8 million).
The Management Board with the consent of the Supervisory Board of CA Immo has decided that neither the CA Immo treasury shares nor the Immofinanz shares held by CA Immo will be tendered into the respective voluntary partial offer of SOF-11 Starlight 10 EUR S.à.r.l., Luxembourg.
Immofinanz issued the legally required statement by the Executive Board on the voluntary partial public takeover offer by SOF-11 Starlight 10 EUR S.à.r.l. (Starwood Capital Group). In this statement, the Executive Board recommends that shareholders do not accept the partial public takeover offer of €2.10 per share for up to 5% of Immofinanz.
Immofinanz has opened two further retail parks in its Stop Shop brand. The Stop Shop portfolio has now grown to 72 locations with roughly 500,000 sqm of rentable space in eight countries. The new properties are located in the Serbian cities of Požarevac (7,200 sqm) and Vršac (8,250 sqm). Both locations are 100% rented. The tenants include, among others, LC Waikiki, Reserved, Sinsay, CCC, Deichmann and DM.
JLL has been selected by Immofinanz as the property manager of the Park Postępu office complex in Warsaw. JLL took over management of the building on 1st April 2018.
As part of the evaluation of strategic options in connection with the investment in CA Immo, Immofinanz is inviting national and international investors to indicate their interest in participating in a structured bidding process for a package acquisition of the CA Immo investment (25,690,163 bearer shares of CA Immo and 4 registered shares).
With the signing of share purchase agreements, Immofinanz AG has purchased 19,499,437 bearer shares (representing an investment of 29.14%) of S Immo AG from member companies of the RPR Group (approx. 14.6 million shares) and the SIGNA Group (approx. 4.9 million shares). The transaction is subject to various conditions precedent, in particular, the approval of the antitrust authorities in Austria, Germany and other jurisdictions. The Supervisory Board of Immofinanz approved the purchase today.
Net profit from continuing operations (i.e. excluding Russia) returned to the profit zone with a significant improvement to €181.0 million in 2017 (2016: €-147.4 million). That represents earnings per share of €0.17 (2016: €-0.15). Rental income was slightly higher at €234.5 million (2016: €233.4 million) despite the continuing sale of properties which do not fit in with the corporate strategy. After an adjustment for new acquisitions, completions and sales (like-for-like), rental income grew by a sound 4.5% to €200.0 million (annualised). The results of Asset Management rose by 13.4% to €150.8 million. In total, the results of operations increased by 44.4% to €107.6 million (2016: €74.5 million). Financial results turned substantially positive at €88.8 million (2016: €-107.6 million), above all due to positive valuation effects from the investments in CA Immo and BUWOG and a reduction in financing costs.
108 Agency has mediated a lease of 7,700 sqm for the company DSV Solutions in Prologis Park Prague-Airport. DSV Solutions provides and manages supply chain solutions.
TECH LIGHT, a manufacturer and designer of LED lighting profiles, has relocated to Panattoni A2 Warsaw East Park, situated next to Stary Konik junction near Warsaw. The tenant moved into 1,200 sqm of warehouse and office space already in August. AXI IMMO provided comprehensive advisory services for TECH LIGHT.
Eli Lilly has extended its office lease of 900 sqm in Bucharest Business Park. The pharmaceutical company has been a tenant in the project since 2006. The office complex is owned by CA Immo. Real estate consultancy CBRE worked on the lease extension.
New appointments
From mid-October this year, Kornél Kalapács is taking up the position of Managing Director of Codic Hungary, the company announced. With around 30 years of experience in real estate development and construction, he will strengthen Codic's Hungarian subsidiary, which will hand over the Green Court Office A building under his management next month.
Mateusz Gołembiewski will head up JLL's HR organisation in the CEE and Russia region. He has 15 years of experience in developing company strategies and operations in this field, and will lead the HR teams in Poland, the Czech Republic, Romania, Slovakia, Hungary and Russia.
The Urban Land Institute (ULI) has announced the appointment of Søren Rodian Olsen, managing director of Logicenters at NREP as chair of ULI Poland. He succeeds Dorota Wysokińska-Kuzdra, senior partner at Colliers, and officially began his voluntary two-year term on 1 October 2021.
Property Forum is a leading event hub in the CEE real estate industry with nearly 10 years of experience. We organise conferences, business breakfasts and workshops focused on real estate, in London, Vienna, Budapest, Bucharest, Bratislava and Prague, amongst other locations.
I have read the Privacy Policy of International Property Network Inc. and I consent to International Property Network Inc. sending me newsletters and managing my personal data provided for this purpose.
