EQS-News: IMMOFINANZ: S IMMO offer price too low

EQS-News: IMMOFINANZ AG / Key word(s): Real Estate/Statement
IMMOFINANZ: S IMMO offer price too low

10.01.2022 / 08:16
The issuer is solely responsible for the content of this announcement.

————————————————————————–

IMMOFINANZ: S IMMO offer price too low

The Executive Board and Supervisory Board welcome the interest of
shareholders in increasing their investments in IMMOFINANZ in order to
benefit from the company’s attractive growth potential. However, the price
offered by S IMMO AG for the IMMOFINANZ share does not reflect the current
value of the company, the clearly positive development of business in 2021
despite the corona pandemic, and the attractive future growth potential.
The Executive Board, Supervisory Board and Works Council of IMMOFINANZ
today issued statements in which they indicate that the offer price of EUR
23.00 per share is viewed as not sufficiently attractive. The Executive
Board and Supervisory Board therefore recommend that shareholders not
accept the partial offer by S IMMO for approximately 10% of the
outstanding IMMOFINANZ shares.

The price of EUR 23.00 in cash per IMMOFINANZ share specified in the
partial offer by S IMMO AG (via its indirect subsidiary CEE Immobilien
GmbH as the offeror) represents a significant discount to the reference
values used to determine a fair value for the IMMOFINANZ share. For
example: The offer price is substantially lower than the current EPRA NTA
per share of EUR 30.77 and represents a discount of roughly 25%. A
comparison with other key valuation benchmarks, e.g. EPRA NAV per share or
the IFRS book value per share, also shows high discounts.

The offer price is, in addition, substantially lower than the price of the
IMMOFINANZ share before the outbreak of the COVID-19 pandemic (nearly EUR
27 in February 2020) as well as the analysts‘ average target price of EUR
24.50 (median). „The offer price for the approximately 25% shareholding
targeted by S IMMO is clearly lower than the premium paid for comparative
transactions in the European real estate sector“, explained IMMOFINANZ
Executive Board members Dietmar Reindl and Stefan Schönauer.

Top performance and value-creating growth
Moreover, the S IMMO offer price does not reflect IMMOFINANZ’s outstanding
performance in 2021 or the potential of its value-creating strategy.
Successful crisis management, a balanced financing structure with an
investment grade rating, and focused growth activities formed the basis
for an increase in the results of operations (+60% to EUR 180.4 million)
and net profit (EUR 295.7 million versus EUR -98.3 million) during the
first three quarters of 2021. IMMOFINANZ generated the best results in the
past 10 years and even topped the already very good pre-crisis level from
2019.

IMMOFINANZ intends to continue this success course and to further
strengthen its excellent market position. Plans call for the expansion of
the portfolio from the current level of EUR 5.0 billion to roughly EUR 6.0
billion with the STOP SHOP brand (the largest retail park operator in
Europe) and myhive brand (innovative and flexible office solutions) in
2022. Entry into the market for sustainable and affordable housing (TOP on
STOP) will create additional earnings opportunities and increase
diversification. IMMOFINANZ therefore expects an increase in pre-tax FFO 1
to over EUR 135 million in 2022, whereby roughly 70% will be distributed
as dividends to the company’s shareholders.

Pioneering role in the real estate branch to combat climate change
With its Net Zero Emission Strategy, IMMOFINANZ is clearly positioned to
make an important contribution to the fight against climate change. This
strategy requires a 60% reduction of all greenhouse gases below the 2019
level by 2030. IMMOFINANZ, as one of the leading European commercial
property companies, will become emission-free along the entire value chain
by 2040. That means the company will clearly exceed the goal set by the
European Union to attain climate neutrality by 2050. This pioneering role
will, moreover, substantially strengthen IMMOFINANZ’s competitive position
due to the massive increase in the market demand for
sustainability-oriented investments.

Executive Board members Dietmar Reindl and Stefan Schönauer: „IMMOFINANZ’s
excellent performance, our high-quality portfolio and the pioneering role
in combating climate change are further proof that we took the right steps
during the crisis and have a strong position for the future. We will
continue to pursue our growth strategy and, in this way, create value for
all our stakeholders. Consequently, we recommend that our shareholders not
accept the offer from S IMMO because the specified price does not reflect
the value of the company. Let us design the future of our company together
and realise the great potential inherent in IMMOFINANZ!“

On IMMOFINANZ
IMMOFINANZ is a commercial real estate group whose activities are focused
on the office and retail segments of eight core markets in Europe:
Austria, Germany, Poland, Czech Republic, Slovakia, Hungary, Romania and
the Adriatic region. The core business covers the management and
development of properties, whereby the STOP SHOP (retail), VIVO! (retail)
and myhive (office) brands represent strong focal points that stand for
quality and service. The real estate portfolio has a value of approx. EUR
5.0 billion and covers roughly 210 properties. IMMOFINANZ is listed on the
stock exchanges in Vienna (leading ATX index) and Warsaw. Further
information under: [1]https://immofinanz.com

IMPORTANT INFORMATION
This announcement is issued by IMMOFINANZ AG (IMMOFINANZ) in connection
with the takeover offer published by CEE Immobilien GmbH (indirect
subsidiary of S IMMO AG) for shares in IMMOFINANZ on 23 December 2021
(Takeover Offer). It is for information purposes only and neither an offer
to purchase nor a solicitation to sell securities of IMMOFINANZ. The
conditions and further provisions relating to the Takeover Offer are
disclosed in the offer document published by CEE Immobilien GmbH. The
offer document and the statements of the Management Board and the
Supervisory Board are forming the relevant basis and it is strongly
recommended to investors and holders of IMMOFINANZ shares and other equity
securities to review these documents.

To the extent this announcement contains forward-looking statements
concerning IMMOFINANZ or S IMMO, such statements do not represent facts
and are characterized by the words such as „will“, „expect“, „believe“,
„estimate“, „intend“, „aim“, „assume“ or similar expressions. Such
statements express intentions, opinions or current expectations and
assumptions of IMMOFINANZ. These forward-looking statements are based on
current plans, estimates and forecasts, but do not claim to be correct in
the future. Forward-looking statements are subject to risks and
uncertainties that are difficult to predict and usually cannot be
influenced by IMMOFINANZ. It should be kept in mind that the actual events
or consequences may differ materially from those contained in or expressed
by such forward-looking statements.

 

For additional information contact:
Bettina Schragl
Head of Corporate Communications and Investor Relations
IMMOFINANZ
T +43 (0)1 88 090 2290
M +43 (0)699 1685 7290
[2]communications@immofinanz.com
investor@immofinanz.com

1100 Vienna, Wienerbergstraße 9, Austria
www.immofinanz.com

————————————————————————–

10.01.2022 This Corporate News was distributed by EQS Group AG.
www.eqs.com

————————————————————————–

Language: English
Company: IMMOFINANZ AG
Wienerbergstraße 9
1100 Vienna
Austria
Phone: +43 (0) 1 88090 – 2290
Fax: +43 (0) 1 88090 – 8290
E-mail: investor@immofinanz.com
Internet: http://www.immofinanz.com
ISIN: AT0000A21KS2
WKN: A2JN9W
Listed: Regulated Unofficial Market in Berlin, Frankfurt, Munich,
Stuttgart; Warschau, Vienna Stock Exchange (Official Market)
EQS News ID: 1266445

 
End of News EQS News Service

1266445  10.01.2022 

References

Visible links
1. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=5359fd7a494d465d08b20c86930e1d97&application_id=1266445&site_id=apa_ots_austria&application_name=news
2. communications@immofinanz.com

OTS-ORIGINALTEXT PRESSEAUSSENDUNG UNTER AUSSCHLIESSLICHER INHALTLICHER VERANTWORTUNG DES AUSSENDERS. www.ots.at
© Copyright APA-OTS Originaltext-Service GmbH und der jeweilige Aussender