04.02.2016
IMMOFINANZ: Substantial foreign exchange-adjusted write-down to Russian portfolio expected in Q3 2015/16
In view of the recent significant deterioration in economic conditions in Russia, the Executive Board of IMMOFINANZ AG has commissioned CBRE, the newly appointed appraiser for the CEE portfolio, to prepare a special appraisal of IMMOFINANZ’s Russian properties as of 31 January 2016.
The first indications from the appraiser’s valuation lead to expectations of a foreign exchange-adjusted write-down of approx. EUR 400 million to the five Moscow retail properties in the third quarter of 2015/16. The carrying amount of these five properties totalled approx. EUR 1.57 billion as of 31 October 2015.
The outlook for IMMOFINANZ’s distribution policy for the 2015/16 financial year and the 2016 abbreviated financial year, which was announced on 2 February 2016, remains unchanged.
The final results of the special appraisal and results for the first three quarters of 2015/16 will be announced as planned on 16 March 2016 after the close of trading.
The first indications from the appraiser’s valuation lead to expectations of a foreign exchange-adjusted write-down of approx. EUR 400 million to the five Moscow retail properties in the third quarter of 2015/16. The carrying amount of these five properties totalled approx. EUR 1.57 billion as of 31 October 2015.
The outlook for IMMOFINANZ’s distribution policy for the 2015/16 financial year and the 2016 abbreviated financial year, which was announced on 2 February 2016, remains unchanged.
The final results of the special appraisal and results for the first three quarters of 2015/16 will be announced as planned on 16 March 2016 after the close of trading.
IMMOFINANZ – a publicly listed European commercial real estate group with focus on two asset classes: Office and retail in eight core markets.