Corporate News
Corporate News

IMMOFINANZ listed in Warsaw starting today – CEO Zehetner: “We are an East European real estate company“

Today, 7 May, marks the listing debut of IMMOFINANZ on the Warsaw Stock Exchange (WSE). Trading in the shares of this Austrian real estate company on the Main Market started at 9.00 am (CET). The shares will be listed in the WIG Index (ticker symbol: IIAAV) starting on 21 June. This represents a second listing by the largest Austrian real estate company and does not involve the issue of new shares. The WSE listing will make it easier for Polish investors, above all pension funds, to acquire an investment in IMMOFINANZ. The share is now traded on the two most important stock exchanges in the CEE region – Vienna and Warsaw – and is one of the most liquid real estate stocks in the region. The Erste Group serves as the market maker for IMMOFINANZ on the WSE. In the coming days, numerous road show meetings are scheduled with institutional investors in Poland.

“This listing in Warsaw underscores our commitment to the CEE region. IMMOFINANZ is an East European real estate company. Our portfolio has a total carrying amount of EUR 10.5 billion, which is located in nearly equal parts in Eastern and Western Europe. We now earn substantially more in Eastern Europe than in the west“, explains Eduard Zehetner, CEO of IMMOFINANZ Group.

In addition to Austria and Germany, IMMOFINANZ Group’s core markets include Russia, Poland, Romania, the Czech Republic, Slovakia and Hungary. “Eastern Europe and the know-how of Austrian companies in these neighbouring markets have frequently been underestimated or criticised in the Anglo-American region since the start of the crisis. All too often, there is a lack of motivation to examine the differences between the individual countries, their size, national debt and economic policies. Many people therefore overlook the fact that this region is still growing much stronger than Western Europe and the economies have lower debt ratios“, adds Zehetner. “IMMOFINANZ believes in this long-term growth story and its future potential and is investing in numerous major development projects throughout CEE. The opportunities will become even greater with the growing convergence of Europe and the EU’s increasing awareness of its responsibility for the region.“

IMMOFINANZ Group’s activities in Poland are concentrated on the premium retail and office sectors in Warsaw and on retail properties at top regional locations. In the center of Lublin the company is currently constructing the Tarasy Zamkowe, a spectacular facility for shopping, entertainment, relaxation and recreation with up to 38,000 sqm of rentable space. The Nimbus, a development project in Warsaw, will be a premium office property in a prime location with green terraces and 19,000 sqm of rentable space. In Katowice the third phase of the Dębowe Tarasy residential project is currently in realisation.

IMMOFINANZ Group is also planning to expand in Poland with its STOP SHOP retail brand. These retail parks are located close to major population centers with catchment areas of 30,000 to 150,000 residents. Tenants can therefore be certain of steady high visitor frequency. The STOP.SHOP network currently covers 44 locations in Central Europe, including one in Poland (Legnica). “In addition, a contract for a location in Mlawa was recently signed with the general contractor. The demand from tenants is strong, which leads us to expect full occupancy when the STOP SHOP opens at the end of 2013“, commented CEO Eduard Zehetner, “and we are now evaluating other locations.”