COO Daniel Riedl appointed CEO of BUWOG
The 20th Annual General Meeting (AGM) of IMMOFINANZ AG today approved a dividend of EUR 0.15 per share for the 2012/13 financial year. With this resolution, the shareholders followed a recommendation by the Executive and Supervisory Boards. IMMOFINANZ will now distribute a total of EUR 169.3 million (EUR 152.4 million after the deduction of treasury shares). The ex-dividend date is 4 October and payment will be made on 11 October 2013.
This dividend is classified as a repayment of capital in accordance with § 4 (12) of the Austrian Income Tax Act and is therefore tax-free for natural persons resident in Austria who hold IMMOFINANZ shares as part of their private assets.
The AGM was also informed that IMMOFINANZ COO Daniel Riedl has been appointed CEO of the residential property subsidiary BUWOG. Preparations are currently underway for BUWOG’s listing on the Frankfurt Stock Exchange during the 2014 calendar year. In a first step IMMOFINANZ will reduce its investment from 100% to less than 50%. The sale of the majority holding will take place via spin off or initial public offering. “Since its privatisation in 2004, BUWOG has completed an impressive transformation from its original position as a housing company for civil servants into a professional full-service residential property company. Its business model is not only based on rentals, but also includes strong development and sales components that contribute to sustainable cash flow. The gradual shift of the portfolio from Austria to Germany will allow us to position BUWOG in the German residential property segment, a peer group that enjoys high demand from investors, and also support an increase in the gross rental yield across the entire portfolio. This step on the capital market represents a further important milestone in the company’s history“, indicated Daniel Riedl.
Up to BUWOG’s planned listing, Riedl will remain on the IMMOFINANZ Executive Board where he is responsible for real estate development, management and transactions in the residential segment as well as personnel, IT and marketing. He has also served as chairman of BUWOG’s Supervisory Board since the beginning of 2012. This Supervisory Board-responsibility will be filled by Vitus Eckert in the future. Eckert, an attorney and partner of Eckert Fries Prokopp Rechtsanwälte GmbH in Baden bei Wien, is also a member of the IMMOFINANZ Supervisory Board.