Immofinanz

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Immofinanz AG

logo
legal form Corporation
ISIN AT0000A21KS2
founding April 1990
Seat Vienna , AustriaAustriaAustria 
management
  • Ronny Pecik, CEO
  • Michael Knap, Chairman of the Supervisory Board
Number of employees 311
sales EUR 366.7 million (2019)
Branch Real estate industry
Website immofinanz.com
As of December 31, 2019

The Immofinanz AG is a commercial real estate group and focuses its activities on the segments retail and office currently has seven core markets in Europe: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania and Poland. The core business includes the management and development of real estate. As of December 31, 2019, the company had real estate assets of around EUR 5.1 billion, which were spread over 210 properties. The company is listed on the Vienna (ATX leading index) and Warsaw stock exchanges.

Immofinanz is listed in the Prime Market segment of the Vienna Stock Exchange .

history

After it was founded in April 1990, Immofinanz was mainly active in Austria and Germany , and increasingly also in the USA, France and southern and eastern European countries. For this reason the subsidiaries Immowest and Immoeast , as well as Immoaustria, were only created for Austria. The company was closely linked to Constantia Privatbank , which provided the management, the complete infrastructure and all employees.

In July 1991 the company was admitted to the Vienna Stock Exchange. The market capitalization at this point in time is EUR 62 million. The first investment outside of Vienna is made in the 1992/93 financial year. In 1994, C&S Immobilien Anlagen AG was renamed Immofinanz Immobilien Anlagen AG. The Bankhaus Schoeller & Co retires from the management. In 1996 the first capital increase is carried out.

In 1997 the company acquired the Business Park Vienna , where the Vienna Twin Tower is being built - today these are known under the brand names Myhive am Wienerberg and Myhive Twin Towers. In 1999 she took a stake in Wipark Garagen AG and took over all shares a year later. In 2001 the City Tower Vienna and apartments in Houston are bought.

The regional segment Immoeast was built up from 2001. The first foreign investment is made in Hungary. In April 2003 it comprised 14 properties. In October 2003, Reviva AG was acquired with 24 properties. In December 2003, Immoeast Immobilien Anlagen AG went public. 4.9 million shares were offered at a price of EUR 6.10 each. 51% of the shares remained in the possession of Immofinanz. In autumn 2004, BUWOG with around 20,000 apartments and a majority in ESG Villach is acquired.

In the 2004/05 financial year, the company entered the Romanian, Russian and Slovakian markets. In 2004 and 2005 the engagement in the USA, which began in 2001, will end with a profit.

In 2005/06 a portfolio with 440 properties was acquired in Italy, all of which were rented to the Italian state.

In April 2007 the share peaked at EUR 12.64. From June 2007, the share price fell sharply.

In October 2007, a dividend of EUR 0.33 was distributed for the first time. On June 30, 2008, the entire real estate division of Constantia Privatbank was purchased. 40% was acquired directly and 60% through the subsidiary Immoeast. This internalized the management of the company.

From autumn 2008 restructuring had to be carried out. This went hand in hand with a change in the management board. On November 21, 2008, Eduard Zehetner becomes the company's spokesman for the board. With effect from March 1, 2009, Immoaustria was sold to Immoeast. In April 2009, Wipark Garagen AG was sold to a subsidiary of Wiener Stadtwerke. A total of around 2,300 million euros had to be written off in the 2008/09 financial year.

In September 2008, the share price went into free fall. In November 2008, an all-time low was marked at 0.28 euros.

On April 29, 2010, Immofinanz was merged with Immoeast to form the Immofinanz Group.

In a 2013 ranking by Forbes Magazine of the world's largest stock corporations, Immofinanz was ranked 1,798.

In April 2014, Immofinanz made its residential property subsidiary Buwog independent by spinning off 51% of the shares and then Buwog (ISIN AT00BUWOG001) was listed as an independent company on the Vienna, Frankfurt and Warsaw stock exchanges and was taken over by the German residential group Vonovia in 2018. Through this spin-off, the Immofinanz shareholders also received one Buwog share for every twenty no-par value shares in Immofinanz. The 49% stake remaining with Immofinanz was sold in the medium term as planned.

In May 2015 Oliver Schumy will be the new CEO of Immofinanz. Under him, the portfolio is concentrated on the two asset classes office and retail, an increase in occupancy and a reduction in personnel and financing costs. All historical investor lawsuits have been settled out of court.

Furthermore, Immofinanz was able to complete the acquisition of a stake of around 26% as well as four registered shares with restricted transferability in CA Immobilien Anlagen AG in August 2016, after meeting all the conditions precedent within a very short time and having received antitrust approvals in six countries. This acquisition is the basis for the planned merger of Immofinanz and CA Immo into one of the largest commercial real estate groups in continental Europe. At the end of February 2018, the Supervisory Board and Management Board of Immofinanz decided to postpone detailed discussions for a possible merger of CA Immo and Immofinanz and to examine further strategic options. In July 2018, the Immofinanz Supervisory Board approved the package sale of the roughly 26% stake in CA Immo to SOF-11 Starlight S.à rl, a company of the Starwood Capital Group. The closing of the transactions took place on September 27, 2018.

On December 19, 2016, the Board of Management and the Supervisory Board decided to sell the Russian retail portfolio. The five Russian shopping centers with a rentable area of ​​around 280,000 m² as well as the associated service companies have since been a discontinued business area according to IFRS 5. With this decision, Immofinanz countered the fact that the shopping centers in Moscow followed a different market dynamic than the rest of the real estate portfolio and thus that Negatively influenced the Group's risk profile. With the sale of this portfolio to the Fort Group, Immofinanz left the Russian market in 2017. This transaction was closed on December 6, 2017.

With share purchase agreements dated April 18, 2018, Immofinanz AG agreed to acquire 19,499,437 bearer shares in S Immo AG. After the relevant antitrust approvals had been granted, the transaction was closed on September 21, 2018 and the S-Immo shares acquired were transferred to Immofinanz.

Development of the share capital

The share capital of Immofinanz AG amounts to EUR 112,085,269 as of December 31, 2019 (December 31, 2018: EUR 112,085,269) and consists of 112,085,269 (December 31, 2018: 112,085,269) no-par value shares with voting rights and a pro rata amount divided by the share capital of EUR 1.00 each. The share capital and the number of shares have changed in fiscal year 2018 compared to 2017 due to the following measures:

  1. As a result of the conversion of the 2018 convertible bond, which expired in March 2018, a total of 4,678,921 Immofinanz shares were issued in April 2018 through a capital increase from conditional capital. This increased the share capital to 1,120,852,699 euros.
  2. The company's annual general meeting on May 11, 2018 resolved the reallocation of the share capital by consolidating shares at a ratio of 10: 1 and the ordinary reduction of the company's share capital. These measures became effective with entries in the commercial register in June 2018. Since then, the share capital has been EUR 112,085,269 and is divided into 112,085,269 shares.

Restructuring in 2008

In the course of the financial crisis of 2008 , Immofinanz lost more than 95% of its market capitalization in the course of a year . In September, a liquidity requirement of almost 500 million euros became known, the financing of which was not secured. In October, CEO Karl Petrikovics was replaced by former Austrian Airlines CFO Thomas Kleibl. Criminal proceedings are pending against the former board member Karl Petrikovics at the Vienna Public Prosecutor's Office under the file number 611 St 25 / 08x . On April 12, 2012, he was sentenced to six years' imprisonment and the chairman-in-law to four and a half years. The judgments became final in October 2015.

On November 21, the company announced that Eduard Zehetner - who is known as the reorganizer of RHI AG - will become the new CFO with immediate effect. Christian Thornton is leaving the board of both companies by mutual agreement. Immofinanz was then managed by Eduard Zehetner together with Daniel Riedl, Michael Wurzinger until April 30, 2015. Herbert Kofler was appointed chairman of the supervisory board . Oliver Schumy was CEO from May 1, 2015 to March 18, 2020. Ronny Pecik was appointed as the new Chief Executive Officer (CEO) for three years on May 4, 2020.

The brands of Immofinanz

In the past few years, Immofinanz has added the Stop Shop (since 2005) and Vivo! (since 2014) developed. Myhive, an international office brand, was launched in September 2016. The international Myhive office concept comprises office buildings in the capitals of Austria, Hungary, Slovakia, Poland, Romania and the Czech Republic, as well as a project development in the Düsseldorf Medienhafen (Germany). As of December 31, 2019, Myhive had 23 locations with a total rentable area of ​​around 556,000 m².

Vivo! is the Immofinanz brand for shopping centers. These are designed for cities with a catchment area of ​​at least 200,000 inhabitants. The shopping centers mostly have a single-storey construction. As of December 31, 2019, there were 10 Vivo! Locations in four countries with a total rentable area of ​​around 314,000 m².

Stop Shop is the Immofinanz brand for retail parks in Central and Eastern Europe with a catchment area of ​​30,000 to 150,000 inhabitants. Stop Shops offer a rentable area of ​​approx. 8,000 to 15,000 m² per location. As of December 31, 2019, there were 89 stop-shop locations in nine countries with a total rentable area of ​​around 637,000 m².

BUWOG affair

Former Immofinanz boss Karl Petrikovics is suspected of having paid a commission of 9.6 million euros to PR consultant Peter Hochegger and lobbyist and ex- FPÖ politician Walter when buying the 60,000 federal apartments in 2004 (see BUWOG affair ) Meischberger unlawfully provided information about the highest bid of the competitors.

The Vienna public prosecutor's office has already initiated several proceedings on suspicion of breach of trust, including against the then Finance Minister Karl-Heinz Grasser .

On July 21, 2016, the public prosecutor's office for business and corruption announced that he would bring charges against Karl-Heinz Grasser , Peter Hochegger , Walter Meischberger , Ernst Plech and twelve other people in the Causae Buwog and Terminal Tower . According to the indictment, the total damage caused amounts to ten million euros, resulting in a sentence of up to ten years in prison.

Web links

Individual evidence

  1. ↑ a b Annual Report 2019. (PDF) In: immofinanz.com. Immofinanz, accessed on June 15, 2020 .
  2. ↑ a b Annual Report 2002/03. Immofinanz AG
  3. ↑ a b c d Annual Report 2004/05. Immofinanz AG
  4. ↑ Office properties on Wienerberg. In: amwienerberg.com. Retrieved June 15, 2020 .
  5. ↑ a b Annual Report 2003/04. Immofinanz AG
  6. ↑ a b Annual Report 2005/06. Immofinanz AG
  7. ↑ Annual Report 2008/09. Immofinanz AG
  8. ↑ Annual Report 2009/10. Immofinanz AG
  9. ↑ Eleven companies among the world's largest. In: oesterreich.orf.at. April 18, 2013, accessed on April 18, 2013 : “Austria is represented by eleven companies in the ranking of the world's largest 2,000 companies published on Wednesday by the US magazine“ Forbes ”. [...] as well as Immofinanz (place 1,798) [...] Among the 2,000 companies there are exclusively stock corporations, which is why Red Bull, for example, does not appear. [...] The following key figures were used to create the ranking: sales, profit, assets and market capitalization. "
  10. ↑ Vonovia successful with BUWOG offer. In: vonovia.de. Retrieved June 15, 2020 .
  11. ↑ Annual Report 2013/14. Immofinanz AG
  12. ↑ Annual Report 2014/15. Immofinanz AG
  13. ↑ IMMOFINANZ decides to sell the CA Immo shares in Starwood as a package and to buy back further own shares with a volume of up to 9.7 million or up to 8.66% of the outstanding shares. In: immofinanz.com. Retrieved June 15, 2020 .
  14. ↑ IMMOFINANZ has completed the sale of the roughly 26% stake in CA Immo. In: immofinanz.com. Retrieved June 15, 2020 .
  15. ↑ IMMOFINANZ Annual Report 2018. In: immofinanz.com. Retrieved June 15, 2020 .
  16. ↑ IMMOFINANZ announces acquisition of around 19.5 million bearer shares in S IMMO AG. In: immofinanz.com. Retrieved June 15, 2020 .
  17. ↑ IMMOFINANZ has completed the acquisition of the 29.14% stake in S IMMO. In: immofinanz.com. Retrieved June 15, 2020 .
  18. ↑ IMMOFINANZ annual report 2018. In: immofinanz.com. Retrieved June 15, 2020 .
  19. ↑ Source: IMMOFINANZ Annual Report 2019, page 89
  20. ↑ Source: IMMOFINANZ Annual Report 2018, page 86
  21. ^ Die Presse , August 21, 2008.
  22. ^ Die Presse , October 7, 2008.
  23. ↑ Wiener Zeitung Online: Immofinanz process ended with prison sentences. Retrieved June 15, 2020 .
  24. ^ DGAP-Adhoc: Immofinanz AG. In: finanznachrichten.de , November 21, 2008.
  25. ^ Die Presse , October 30, 2008.
  26. ↑ Change in the board. In: immofinanz.com. Retrieved June 15, 2020 .
  27. ↑ Addition to the Board of Directors | Ronny Pecik is appointed CEO. In: immofinanz.com. Retrieved June 15, 2020 .
  28. ↑ Annual Report 2015/16. Immofinanz AG
  29. ↑ Source: Annual Report 2019
  30. ↑ Source: Annual Report 2019
  31. ↑ Source: Annual Report 2019
  32. ↑ What you need to know about the Buwog process. kurier.at, December 12, 2017, accessed on October 16, 2018 .
  33. ^ Allegations of corruption: charges against Grasser, Meischberger and 14 other people in Causa Buwog and Linz Terminal Tower. In: derStandard.at. July 21, 2016. Retrieved July 21, 2016 .