IMMOEAST (IEA): Skuteczna restrukturyzacja grupy IMMOFINANZ - raport 28

RAPORT UNI - PL nr 28/2008
Podstawa prawna:

Art. 56 ust. 1 pkt 2 Ustawy o ofercie - informacje bie¿šce i okresowe

Successful restructuring of the IMMOFINANZ Group

Cancellation of the inter-company loan of EUR 1.79 bn

Based on the restructuring measures agreed for the Immofinanz Group at the end of last year, the Executive Boards of Immofinanz AG and Immoeast AG have agreed on the sale of Immoaustria Immobilien Anlagen GmbH from Immofinanz AG to Immoeast AG. The Immoaustria Group owns all of the group's properties in Austria, including prestigious properties such as Vienna Twin Tower, Business Park Vienna and City Tower. The lion's share is made up of the numerous housing properties in the BUWOG/ESG portfolio.

The purchase price was determined on the basis of the NAV (Net Asset Value) as of 31 October 2008 and comes to EUR 1.465 bn before deductions for outstanding dividend obligations. The transaction is primarily designed to repay the inter-company loan between Immoeast and the rest of the Immofinanz Group. This move will significantly reduce the burden on both companies' balance sheets with corresponding positive effects on the equity ratios.

Both listed companies will profit from this transaction. At Immofinanz, a high short-term liability will be eliminated; at Immoeast, outstanding demands will be converted to a first-rate property portfolio suited to the company's strategy.

To further simplify the company structure and to resolve the inter-company demands and obligations, it was also decided at the meeting of the Supervisory Board of Immoeast AG last weekend to merge Immoaustria GmbH with Immoeast AG.

The transaction was overseen by law firms bpv-Hügel and Schönherr, the valuation opinion was submitted by Morgan Stanley.

Strengthening liquidity and strategic reorientation

Over the last few months, the group has successfully re-orientated itself to a strategy focussed on strengthening cash reserves. Since the end of November, and despite the financial crisis, the Immofinanz group realised property sales of more than EUR 300 m, with prices on average above current appraisal values. Negotiations with the major creditor banks were also continued and are now approaching the final stages.

At Immoeast, intensive work has gone into revising the development pipeline. Suitable cost-optimised solutions were drawn up for over half of the development portfolio.

Organisational changes

Michael Wurzinger and Daniel Riedl, both responsible for the Immoaustria portfolio amongst other duties, were appointed members also of the board at Immoeast AG effective 1 March 2009.

Dr. Eduard Zehetner will assume the role of speaker of the board at Immofinanz AG in addition to his function as CFO.

The Executive Board at Immofinanz AG currently consists of Dr. Eduard Zehetner (CFO and speaker), as well as Daniel Riedl and Michael Wurzinger.

The Executive Board at Immoeast AG is now composed of Dr. Eduard Zehetner (CFO and speaker), Daniel Riedl, Dr. Edgar Rosenmayr, Dr. Manfred Wiltschnigg and Michael Wurzinger.
Edgar Rosenmayr - Członek Zarządu
Eduard Zehetner - Członek Zarządu