IMMOFINANZ: Statement by the Executive Board on the announced partial takeover offer to the shareholders of IMMOFINANZ AG

SOF-11 Starlight 10 EUR S.à r.l., Luxembourg, a member company of the Starwood Capital Group ("Starwood"), announced on 22 March 2018 that it intends to make a voluntary partial public takeover offer to the shareholders of IMMOFINANZ AG in accordance with §§ 4 ff of the Austrian Takeover Act for the acquisition of up to 5% in IMMOFINANZ AG. In parallel, a voluntary partial public takeover offer to the shareholders of CA Immobilien Anlagen AG (“CA Immo”) will also be made in accordance with §§ 4 ff of the Austrian Takeover Act for the acquisition of up to 26% in CA Immo.

Following an initial examination after the announcement, the Executive Board of IMMOFINANZ responds to the announced partial takeover offer to IMMOFINANZ shareholders as follows: “We welcome Starwood’s interest in IMMOFINANZ. Our efforts to make IMMOFINANZ shares an attractive investment at the top international level have been successful. However, in view of the sustainable and steady improvement in key performance indicators and the positive outlook for IMMOFINANZ’s business development, the Executive Board considers the announced offer price of EUR 2.10 per share to be inappropriate.”

The announced offer price of EUR 2.10 (incl. the dividend) is roughly 25% below the EPRA NAV per IMMOFINANZ share (EUR 2.81 as of 30 September 2017) and only 4.6% over the closing price of the share prior to the announcement of the offer (closing price on the Vienna Stock Exchange on 21 March 2018: EUR 2.008). The dividend recommendation to the annual general meeting of IMMOFINANZ on 11 May 2018 will, as announced, equal EUR 0.06 per share.

The Executive Board will issue a well-founded statement on the offer in accordance with the Austrian Takeover Act after the offer documents have been published.