In the first half of June several roadshow events took place – with Amsterdam and Berlin on the agenda and now also New York and Boston. Our company and investor presentation was also subject to a facelift following the BUWOG spin-off and is now online in German and English (in the IR section of our website, under the following link
).On the first slides of the presentation you'll find the latest distribution of the now commercial portfolio by asset class and region as well as investment highlights and a benchmark comparison.
Turning briefly to the investment highlights (page 6):
- Leading player in CEE & Russia: In 2013, the IMMOFINANZ portfolio in CEE was presented with the IPD Award for the highest yield (out of a total of 49 portfolios).
- Liquid share & large free float: the free float of our shares is approximately 90%. In January the average daily volume of shares traded was approx. EUR 7 million.
- Financial investments in BUWOG: these offer medium-term options for generating liquid assets which, in turn, can be reinvested in dividends, share buyback programmes, portfolio investments and debt reduction measures. IMMOFINANZ holds a stake of 49% in BUWOG, which is equivalent to 48.8 million shares. Given the share price on 9 May 2014 (EUR 13.4), the package has a market value of EUR 654 million (the BUWOG share price is currently about EUR 14). The value on NAV basis (according to BUWOG prospectus EUR 16.71 per share) is EUR 815 million. On the basis of the dividend guidance for 2013/14, IMMOFINANZ will receive approximately EUR 32 million in dividends from the investment. IMMOFINANZ also has subscribed a EUR 260 million BUWOG convertible bond. The coupon is 3.5% (about EUR 9.1 million).
- Cash-generating portfolio with high FFO and dividend yield
- Bet on Eastern Europe with high total return and growth potential
- Integrated business model covering the whole property life cycle
Speaking about the real estate machine: In the presentation we address the three segments of asset management, trade, and development in greater detail, illustrating, for instance, the value drivers in asset management which are to ensure a mid-term target of an occupancy rate of 90%.
In development a further increase in the value of the pipeline to as much as EUR 2 billion by 2016 (fair value anticipated on completion) is planned (it was last EUR 1.23 billion).
Last but not least, we also address brand development and value creation through real estate (page 29): STOP.SHOP, Deutsche Lagerhaus, BUWOG and LOG Center are successful examples, to which the retail brand "VIVO!" was recently added.