IMMOFINANZ Group at the EXPO REAL 2012: the real estate machine and its current projects

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1 Press Release Vienna, October 2012 IMMOFINANZ Group at the EXPO REAL 2012: the real estate machine and its current projects IMMOFINANZ Group has extensive know-how, many years of expertise and a well-established network. These qualities benefit investors, customers and business partners alike. At the EXPO REAL 2012 visitors will have a unique opportunity to learn about the company and its activities in discussions with IMMOFINANZ Group. IMMOFINANZ Group is the largest real estate investment and development corporation listed on the Vienna Stock Exchange and one of the largest leading property companies in Europe. Since its founding in 1990, the company has compiled a highquality property portfolio that now includes more than 1,820 investment properties with a carrying amount of approx. EUR billion. The company currently manages 6.7 million sqm of rentable space. The occupancy rate in these properties equals 90.1%, which is substantially higher than the European average. The core business of IMMOFINANZ Group covers the acquisition and management of investment properties, the realisation of development projects and the sale of objects. IMMOFINANZ Group concentrates its activities on prime properties in four core segments retail, office, logistics and residential. At the same time, the Group s geographic portfolio in eight core countries creates a balanced diversification of risk: projects and standing investments in Austria and Germany form a solid basis for profitable investments in the Czech Republic, Slovakia, Hungary, Romania, Poland and Russia. IMMOFINANZ Group creates a new history Today IMMOFINANZ Group is a well-known real estate company a standing that was the result of hard work. After the crisis in 2008/2009 the Group was completely reorganised and quickly entered an optimisation phase. Eduard Zehetner, Chief Executive Officer of IMMOFINANZ Group, explained why the company is looking toward a promising future: Our growth has been strong and steady in recent years and we are now optimally positioned to continue this course. In the future we intend to concentrate, above all, on our development activities because it is not enough to set high internal goals: what really counts is offering our customers and partners real estate that meets their needs. And our comprehensive approach allows us to do just that.

2 From a real estate manager to a real estate machine In order to maximise profitability along the entire value chain, IMMOFINANZ Group intensifies the development of new projects in core and core+ locations, stabilises these projects with active asset management and then exists through a cycle-optimised sale. The proceeds are reinvested in new development projects to keep the machine going. The focal point of this independent cycle is the connection of our three core business areas: the development of sustainable, specially designed prime properties at premium locations, active asset management and cycle-optimised sales. Specialised in four asset classes: office, retail, logistics or residential The office properties of IMMOFINANZ Group are located primarily in capital cities, and also include selected first-rate buildings in other major urban centres. The business segment International High-Class Offices covers representative properties at prime locations. Good, functional office buildings, so-called Secondary Offices, offer interesting alternatives for cost-conscious tenants. In the retail sector, IMMOFINANZ Group is active in two business segments: The (1) Quality Shopping Center business unit bundles large, modern retail properties at top locations in capital cities as well as major economic regions with strong purchasing power. With (2) STOP.SHOP. the Group has created and successfully established a strong brand for retail parks in Central Europe. The logistics portfolio in Western Europe represents an important addition to the Group s office and retail properties. The activities of the Logistics West business segment are combined under Deutsche Lagerhaus, an established player in a strong market. Logistics East covers the logistics activities in Eastern Europe. Close cooperation with the West European competence centre creates an important competitive advantage for the company. In the residential sector the BUWOG Group, a wholly owned subsidiary of IMMOFINANZ Group, designs, realises and manages a wide variety of individual housing solutions in Austria. The Group s activities in Germany concentrate on apartments in Berlin, and further investments are planned for this market. The BUWOG Group also serves as the competence centre for residential properties and allows IMMOFINANZ Group to benefit from this know-how in Eastern Europe.

3 SPECIALLY DESIGNED DEVELOPMENT PROJECTS FOR TODAY S MARKET In autumn 2010 IMMOFINANZ Group created its own development department for commercial properties. In the residential sector, the property company has established a sound market position with its development projects through the BUWOG Group. Eduard Zehetner, Chief Executive Officer of IMMOFINANZ Group, on the motivation to expand development activities: We as IMMOFINANZ Group can accomplish a great deal more than the ordinary property owner because we have more know-how, more experience and more expertise in our company. Our development departments are in continuous, close contact with our asset management and the transactions team. Comprehensive planning from the project idea to cycle-optimised sale is our most important advantage: All departments work closely together across the entire value chain. The makes our real estate development more challenging, but also more profitable. Commercial development activities are currently focused on Poland, Russia, Czech Republic and Romania. At present the company is actively looking for attractive sites for further development projects in Poland, Russia and Czech Republic. Residential construction projects are concentrated in Austria at the present time. BUWOG has restructured its new residential construction activities and now plans to build 500 to 700 apartments annually over the coming years. The previous volume of new construction amounted to 200 to 400 apartments per year. BUWOG entered the residential construction market in Berlin during May 2012: In connection with a transferred renovation project, BUWOG acquired the operating business of CMI AG and took the next step to expand its residential construction activities in Germany. In Eastern Europe IMMOFINANZ Group finalised the complete takeover of the leading Romanian residential property developer Adama. This company s experience and strong regional network represent important competitive advantages for the planned expansion of residential construction activities in South-Eastern Europe. The goal is to participate in the rising demand for new housing by the growing Middle class in this region. Plans for the 2012/13 financial year call for the resumption of residential construction activities in Romania by the restructured Adama as well as the start of two projects. In addition, projects from the existing portfolio will be readied for construction in order to cover the increasing demand for smaller apartments. Projects currently in progress will be adjusted to reflect the market environment and, after financing commitments are received, will be built and marketed. The greater Bucharest area will represent the main geographical focus in 2012/13. However, IMMOFINANZ Group is not only active in the Romanian housing market. Preparations are presently underway for residential projects in Poland and Slovakia. Moreover IMMOFINANZ Group is also continuously evaluating interesting opportunities in Moscow, Prague and Warsaw.

4 More than 20 years of experience in the retail sector: a competitive advantage for both third-party and own development projects Project development by IMMOFINANZ Group is designed to continuously set new benchmarks. This Austrian-based real estate company proved its expertise impressively last year: In February 2012 IMMOFINANZ Group received the Extended/Refurbished Project of the Year award from EuropaProperty in Poland for the second phase of the Silesia City Center. This annex, which was developed directly by the Group, opened in October 2011 and has since enjoyed great popularity, with 300,000 visitors counted in the first week alone. With 86,000 sqm of selling space and a total of 310 shops, the Silesia City Center is one of the top five shopping centers in Poland. Two months earlier, in December 2011, IMMOFINANZ Group s Maritimo Shopping Center project received the CIJ Award for the Best New Shopping Center Development in Romania. This facility, which is located in Constanta at the Black Sea, opened in October 2011 and registered 230,000 visitors alone on the first weekend. Fully rented it has already gained a reputation as the most important shopping and entertainment center in the region. In Russia, IMMOFINANZ Group is currently completing the second largest shopping center in its Moscow portfolio with the GOODZONE. Nearly 200 shops, restaurants, service firms and an entertainment area with a movie theatre will open between the end of 2012 and spring IMMOFINANZ is also developing another quality shopping center at a prime inner city location in Lublin. With 38,000 sqm of projected space, the opening is scheduled for The expansion of the STOP.SHOP. retail park chain remains a focal point of activities. In Poland a number of locations are under evaluation, and in Austria the extensive STOP.SHOP. rebranding of selected specialty shopping centres will allow the home market to benefit from this strong brand. For superior demands: premium office properties at prime locations In the office segment, IMMOFINANZ Group concentrates on the development of highquality properties at top locations. In October 2011, the Bureau am Belvedere a redevelopment project that has received both Green Building and LEED-Gold certificates, opened in the heart of Vienna. In Warsaw planning for the high-quality office development Nimbus with approx. 19,000 sqm of rentable space is now in progress. In Prague the Jungmannova 15 and Jindřišská 16, two impressive office buildings, are under construction. Work is also proceeding on another development project in Germany: the Panta Rhei.

5 Only two months after the start of construction, IMMOFINANZ Group signed the lease with the first tenant for this spectacular office project at Duesseldorf Airport in August In Cologne IMMOFINANZ Group is currently realising a project to convert the former Gerling corporate headquarters into the Gerling Quartier an inner city district with premium apartments, offices and retail space. The complete takeover of this project was finalised in September On IMMOFINANZ Group IMMOFINANZ Group is one of the leading listed property companies in Europe and is included in the leading ATX index of the Vienna Stock Exchange. Since its founding in 1990, the company has compiled a high-quality property portfolio that now comprises more than 1,820 investment properties with a carrying amount of approx. EUR billion. The core business of IMMOFINANZ Group covers the acquisition and management of investment properties, the realisation of development projects and the sale of objects. IMMOFINANZ Group concentrates its activities in the retail, office, logistics and residential segments of eight regional core markets: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and Russia. Further information under: For additional information please contact: Sandra Bauer Head of Corporate Communications Press Spokesperson IMMOFINANZ Group T +43 (0) M +43(0) communications@immofinanz.com