Immofinanz recorded a significant increase in net profit to €105.3 million in the first half of 2017 (H1 2016: €-243.3 million). Net profit from continuing operations, i.e. excluding Russia, totalled €113.1 million (H1 2016: €-123.9 million). Rental income remained stable at €114.9 million (H1 2016: €115.9 million) despite the continuing sale of non-strategic properties. After an adjustment for new acquisitions, completions and sales (like-for-like), rental income rose by a sound 4.6% to €92.4 million. The results of asset management increased by 10.0% to €79.1 million, and financial results turned sharply positive at €104.4 million (H1 2016: €-58.0 million). This improvement resulted, above all, from positive valuation effects related to the investments in CA Immo and BUWOG.

Savills has been appointed by Immofinanz to property manage a portfolio of four office buildings in Prague. The portfolio includes myhive Pankrác House, Jindrřišská 16, Jungmannova 15 and Airport Business Center, accommodating over 70 tenants including: OMD Czech, GrECo JLT, Customs Office Prague, CPL Jobs and others. 

The mindset of end-users is quickly changing in the world of real estate and developers looking to stay in the race need to keep up with current trends. This trivial statement is especially true in the case of a dynamically growing market such as Romania, which has gone through significant changes in recent years. Sorin Visoianu, Country Manager of Operations at Immofinanz told us what he thinks is driving the Romanian commerical property market.

Immofinanz introduces its international office brand myhive to the Hungarian market, to be implemented in five of its office buildings in Budapest. The Greenpoint 7 and Haller Gardens have already become myhive Greenpoint 7 and myhive Haller Gardens, after a transformation process through which the properties’ common areas now offer an extended service range and improved infrastructure to encourage socialization. Plans call for the myhive concept to also be rolled-out at Átrium Park to become myhive Átrium Park, Globe 13 and Xenter 13 buildings to become myhive Thirteen.

Immofinanz rented approx. 80,000 sqm of office space in Bucharest during the abbreviated 2016 financial year. That represents more than 40% of the total standing office portfolio in Romania. These transactions are expected to increase the occupancy rate in the office sector in Romania from roughly 88% to more than 94%. New rentals and expansions accounted for roughly 47,000 sqm or 60% of the rented space, while the remainder represents contract extensions. 

Immofinanz AG has announced a change in the preliminary timetable for the intended merger with CA Immobilien Anlagen AG. The reason is the planned divestment of Immofinanz’s Russian property portfolio, which is a condition for the merger of the two companies. The Executive Board and Supervisory Board of Immofinanz today decided to schedule a longer period than originally considered for the process to separate the Russian properties. The recent stabilisation of the economy in Russia has contributed to this decision. 

Immofinanz has announced the sale of a smaller Austrian retail portfolio to an Austrian real estate investor and, with this transaction, continues its strategic withdrawal from properties that are not part of the core business. The portfolio covers 88 properties with approx. 108,000 sqm of rentable space in eight Austrian provinces. The parties to the transaction have agreed not to disclose any information on the purchase price. The closing will take place in several steps through the end of 2017. 

Immofinanz is continuing the expansion of its Stop Shop retail park chain in Serbia. Three new locations will be added in Požarevac, Lazarevac and Vršac, with a total of 23,800 sqm of rentable space. The individual projects are in different stages, but should all be completed before the end of 2017. 

Immofinanz is continuing the expansion of its successful Stop Shop retail park portfolio with the acquisition of eight locations in Slovakia and Hungary. The purchase price for these properties totals approx. €79.0 million. The newly acquired retail parks have an occupancy rate of roughly 98% and generate annual rental income of approx. €6.6 million. The transactions will close in several steps, presumably by the end of the first quarter of 2017. Immofinanz‘s Stop Shop portfolio will then cover 66 locations in seven countries with roughly 449,000 sqm of rentable space and a book value of more than EUR 600.0 million. Further locations in Serbia and Poland are currently in the preparation phase for project development. 

Immofinanz will soon start construction on a further shopping centre under its VIVO! brand in the Polish city of Krosno. The new shopping centre will have approx. 21,000 sqm of rentable space for more than 60 shops. Pre-rentals are successfully underway, with the future tenants including H&M, Media Markt and Helios Cinema. The investment costs will total approx. €34 million, and the opening is planned for the fourth quarter of 2017. The VIVO! Krosno will be the third VIVO! shopping centre in Poland.