Key Developments: Immofinanz AG (IMFI.VI)

IMFI.VI on Vienna Stock Exchange

2.53EUR
23 Jul 2014
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Latest Key Developments (Source: Significant Developments)

Immofinanz AG announces successor to CEO
Friday, 6 Jun 2014 02:00am EDT 

Immofinanz AG:Announces a successor to chief executive officer Eduard Zehetner.Oliver Schumy will be appointed to the Executive Board of this real estate corporation as of March 1, 2015 for a period of five years.Says as of May 1, 2015 he will follow Eduard Zehetner as speaker of the Executive Board. Eduard Zehetner's term of office, which would have expired on Nov. 30, will be extended to April 30, 2015.  Full Article

Immofinanz AG plans to suspend dividend for FY 2013/2014
Thursday, 20 Mar 2014 05:24am EDT 

Immofinanz AG:Announces that as a consequence of the planned spin-off of BUWOG, the company plans to suspend the dividend for the 2013/14 financial year.  Full Article

Immofinanz AG shareholders approve BUWOG AG spin-off
Friday, 14 Mar 2014 09:39am EDT 

Immofinanz AG:Says shareholders of IMMOFINANZ AG approved planned spin-off of 51 pct of shares in residential property subsidiary BUWOG AG with clear majority.Says spin-off will take effect when it is recorded in company register and this is expected, at earliest, on April 25.All shares of BUWOG AG will then be admitted for trading on regulated market of Frankfurt Stock Exchange (main listing), Vienna Stock Exchange (prime market) and in main market of Warsaw Stock Exchange.Says first trading day expected to be April 28 in Frankfurt and Vienna and April 29 in Warsaw.Allocation of BUWOG shares will be made on basis of respective security holdings of IMMOFINANZ shares at end of bank working day prior to allocation date, i.e. most likely on April 25.Shareholders of IMMOFINANZ AG to receive one BUWOG share for every 20 IMMOFINANZ shares (number of IMMOFINANZ shares held by each individual shareholder will not be affected by spin-off).Fractions of shareholdings that amount to less than one BUWOG share will be bundled and sold collectively over stock exchange and proceeds will be credited to respective shareholders in cash.Price of BUWOG share on first trading day will be determined by supply and demand.Price of IMMOFINANZ share will also be determined by stock market after BUWOG spin-off.After spin-off IMMOFINANZ will hold financial investment of 49 pct in BUWOG AG that shall be further reduced over medium-term.  Full Article

Immofinanz AG appoints Ronald Roos as Chief Financial Officer
Thursday, 20 Feb 2014 06:22am EST 

Immofinanz AG:Announces the appointment of Ronald Roos as Chief Financial Officer (CFO).  Full Article

Immofinanz AG subsidiary acquires 18,000 apartments in Germany via spin-off planned
Wednesday, 12 Feb 2014 04:02pm EST 

Immofinanz AG:Says that its wholly owned subsidiary, BUWOG, has acquired 18,000 units and 1.09 million square meters (sqm) of lettable space in Northern Germany.Says the agreed purchase price for the portfolio amounts to roughly 892 million euro (819 euro/sqm).Says the transaction will be executed through several share deals and is subject to customary closing conditions. The closing is expected to take place in the second quarter of 2014.Says the Executive Board and Supervisory Board of Immofinanz AG have therefore approved a proposal that will be made to shareholders at an extraordinary general meeting, which calls for the spin-off of the wholly owned subsidiary BUWOG and the subsequent listing of BUWOG on the stock exchange.Says in connection with the spin-off, Immofinanz AG shareholders will receive one BUWOG share for every 20 Immofinanz AG shares, such that 51 percent of BUWOG will be owned by free float investors.  Full Article

Immofinanz AG expands STOP.SHOP. portfolio in Slovenia and Czech Republic
Tuesday, 21 Jan 2014 04:26am EST 

Immofinanz AG:Announces that five operational commercial parks - four in Slovenia and one in the Czech Republic - were acquired for a total purchase price of approximately 26 million euros.Says retail parks will be rebranded during the first half of the year and they will be outfitted with the characteristic STOP.SHOP. look.Says new parks expand the existing STOP.SHOP. portfolio by nearly 19,000 square meters of rentable space to approximately 335,000 square meters.  Full Article

Immofinanz AG Subsidiary Acquires Residential Portfolio
Wednesday, 20 Nov 2013 04:35am EST 

Immofinanz AG announced that its wholly owned subsidiary, BUWOG, has acquired another residential package in Germany. The portfolio is located in Berlin and in the surrounding areas of the capital and encompasses 1,185 residential units with total lettable space of 79,422 sqm. The purchase price totals EUR 50 million, resulting in an average price per square meter of about EUR 630. The sale is subject to approval by the antitrust authorities.  Full Article

Immofinanz AG Acquires 315 Flats In Kassel
Tuesday, 5 Nov 2013 04:37am EST 

Immofinanz AG announced the acquisition of 315 flats in Kassel, by BUWOG, a wholly-owned subsidiary of IMMOFINANZ Group and the expansion of its portfolio in the city to 1,505 residential units. The properties just purchased have over 18,852 square meters of total lettable space, the purchase price is EUR 9.01 million, and the gross return 9.58%. The sellers are Franconia Invest West and CitCor Franconia Kassel. The residential complexes are located in green areas in the districts of Bettenhausen, Nord-Holland, and Kirchditmold, and are distinguished by a low vacancy rate of just 2.33%. The current average rent of EUR 3.93/square meter is below the Kassel market average and suggests a commensurate potential for increase due to the demand in the respective districts of the city.  Full Article

Immofinanz AG Updates on Gerling Quartier in Cologne Project
Monday, 28 Oct 2013 09:38am EDT 

Immofinanz AG announced that within the Gerling Quartier in Cologne, all ten building shells in the first stage of construction have been completed. The completion of this first stage is scheduled for the end of 2014. The second stage covers five buildings and should open in mid 2016. The total investment in the Gerling Quartier will amount to approximately EUR 400 million, and the costs to completion are estimated at approximately EUR 110 million.  Full Article

Immofinanz AG Acquires 582 Flats in Kiel
Tuesday, 22 Oct 2013 04:43am EDT 

Immofinanz AG announced that it has acquired a portfolio totaling 582 flats in the Schleswig-Holstein capital of Kiel. The package consists of nine properties and has lettable space totaling 28,210 square meters. The seller is the Dutch residential firm RVG Real Estate, the purchase price is EUR 24.5 million, the gross return amounts to 7.7%, and the actual rent is EUR 5.74/square meter. The portfolio is concentrated on Pries/Friedrichsort. This district is a residential location in close proximity to a beach. The properties acquired by BUWOG stem from the fifties and are in stable structural condition.  Full Article

Immofinanz interested in UniCredit's CA Immo stake

VIENNA, July 14 - Austrian real-estate company Immofinanz is interested in buying UniCredit's 16.8 percent stake in peer CA Immobilien, Immofinanz's chief executive said.

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