CPI Europe AG — M&A Activity 2014

Feb 12, 2014

News Details

Ad-hoc | 12 February 2014 22:46

IMMOFINANZ subsidiary BUWOG acquires 18,000 apartments in Germany – stock market listing of BUWOG via spin-off planned

IMMOFINANZ AG / Key word(s): Real Estate

12.02.2014 22:46

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The issuer is solely responsible for the content of this announcement.

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BUWOG, a wholly owned subsidiary of IMMOFINANZ Group, is going to acquire a
residential property portfolio with approx. 18,000 units and 1.09 million
sqm of lettable space in Northern Germany. The agreed purchase price for
the portfolio amounts to roughly EUR 892 million (EUR 819,-/sqm). The gross
yield equals 7.6% based on a vacancy rate of only 2.3%. The transaction
will be executed through several share deals and is subject to customary
closing conditions (e.g. approval of the antitrust authorities). The
closing is expected to take place in the second quarter of 2014. The seller
is Solaia RE, a joint venture between Prelios and an investment fund
managed by Deutsche Asset & Wealth Management - Real Estate. BUWOG will
also take over the residential asset and property management business of
Prelios Deutschland with roughly 300 employees.

This transaction will increase the BUWOG portfolio to approx. 54,000 units.
With this acquisition, BUWOG will reach its strategic goal to line up a
portfolio of standing investments equally between the core markets of
Austria (51% of the residential units) and Germany (49%).

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.
In connection with the spin-off, IMMOFINANZ shareholders will receive one
BUWOG share for every 20 IMMOFINANZ shares, such that 51% of BUWOG will be
owned by free float investors. This proposal to shareholders includes the
admission of the BUWOG share for trading on the stock exchanges in
Frankfurt (main listing), Vienna and Warsaw (in each case, the regulated
market). After the spin-off IMMOFINANZ will hold a financial investment of
49% in BUWOG AG, which is expected to be reduced over the medium-term.

IMMOFINANZ AG will relinquish management control over the BUWOG Group with
this transaction and, in this context, will conclude a de-domination
agreement with BUWOG AG. This agreement requires IMMOFINANZ AG to observe
certain restrictions in exercising its voting rights from the BUWOG shares.
The implementation of these plans is based on the assumption that the
extraordinary general meeting of IMMOFINANZ AG, which is scheduled for 14
March 2014, will approve the spin-off by a three-fourths majority.

On IMMOFINANZ Group
IMMOFINANZ Group is one of the leading listed property companies in Europe.
The company is included in the leading ATX index of the Vienna Stock
Exchange and also trades on the Warsaw Stock Exchange. Since its founding
in 1990, the company has compiled a high-quality property portfolio that
now comprises more than 1,600 investment properties with a carrying amount
of approx. EUR 10.1 billion. As a 'real estate machine' the company
concentrates on linking its three core business areas: the development of
sustainable, specially designed prime properties in premium locations, the
professional management of these properties and cycle-optimised sales.
IMMOFINANZ Group concentrates its activities in the retail, office,
logistics and residential segments of eight regional core markets: Austria,
Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and Russia.
Further information under: http://www.immofinanz.com |
http://blog.immofinanz.com | http://properties.immofinanz.com

For additional information please contact:
MEDIA INQUIRIES

Bettina Schragl
Head of Corporate Communications | Press Spokesperson
IMMOFINANZ Group
T +43 (0)1 88 090 2290
M +43 (0)699 1685 7290
communications@immofinanz.com

INVESTOR RELATIONS

Stefan Schönauer
Head of Corporate Finance & Investor Relations
IMMOFINANZ Group
T +43 (0)1 88 090 2312
M +43 (0)699 1685 7312
investor@immofinanz.com

12.02.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: IMMOFINANZ AG
Wienerbergstraße 11
1100 Wien
Austria
Phone: +43 (0) 1 88090 - 2291
Fax: +43 (0) 1 88090 - 8291
E-mail: investor@immofinanz.com
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Freiverkehr in Berlin, München, Stuttgart; Frankfurt in Open
Market ; Wien (Amtlicher Handel / Official Market)

End of Announcement DGAP News-Service

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