Immofinanz Company Blog
externe Userbeiträge


 Thomas GusenbauerPost by Thomas Gusenbauer
23 March 2017 | 1 Comment

Dear Sirs,

The most recent statements from the CA Immo Management Board (see below) with respect to the planned merger of the two companies sound anything but optimistic. I ask myself the question of why negotiations or discussions are not continuing over key issues such as the future asset class strategy and synergies (irrespective of the ongoing process relating to the separation of Russia). The time factor does after all play an important role in the success of the planned merger.

"It can only be established if a merger makes sense 'once it becomes clear as to whether there is added value for instance on a regional basis or in relation to the asset classes'. From the IMMOFINANZ side, there has been much talk of synergies. He is however always sceptical about synergy forecasts. 'This needs to be verified. Unfortunately, we have not yet reached this point with IMMOFINANZ', said the CEO."

IMMOFINANZ "bid farewell" to the hotel asset class some time ago. Key words: Focus on core competencies and two asset classes. Why has there now been a U-turn with the expansion of the Business Park Vienna to include a hotel for the myhive Twin Towers?

Many thanks and I look forward to hearing from you.

Kind regards,
Thomas Gusenbauer

1 Kommentar

Bettina Schragl, Head of Corporate Communications and Investor Relations Bettina Schragl, Head of Corporate Communications and Investor Relations
28 March 2017 | 16:27

Dear Mr Gusenbauer,

We have demonstrated clearly that the combined company will become one of the leading commercial real estate groups in continental Europe. Based on the current standing investment portfolio, around 75% of its activities will be in the Office sector and more than 20% in the Retail sector. But of course there is still much work to be done before the final submission of the merger documentation to shareholders.

The Management Board of CA Immo is referring to our decisions from December last year in its statements.

Last autumn, after receiving the antitrust approvals, we set up and commenced activities in numerous working groups together with CA Immo. These are focused on various topics, such as taxation, business plans, legal issues, integration and detailed synergy planning.

Following our decision shortly before Christmas to allow somewhat more time for the planned separation of Russia than was envisaged in the original very ambitious schedule, the timing of the shareholders' meeting for the merger was postponed until 2018. We have stipulated that Russia must be dealt with prior to the merger.

In this light, it was again our decision (please see the ad hoc release from 19 December 2016) to put the detailed discussions on hold until the separation of the Russian portfolio takes place. This should primarily be viewed in the context of cost efficiency along with employee workloads. We will however promptly resume the detailed work as soon as we have reached a decision with respect to our Russian portfolio.

Concerning the new hotel at Wienerberg, this should be viewed as an important and complementary addition to our Business Park Vienna and the myhive Twin Towers. The Twin Towers are a prime example of our new myhive concept in terms of the facilities and services (diverse gastronomy offering, service providers, shopping options, cinema, bicycle parking facilities, car sharing, conference centre, etc.) With over 130,000 sqm of rentable space, the Business Park is one of the largest office and business locations in Vienna. There is also already one hotel at the location. Due to the very strong demand, and with the aim of further increasing the appeal of the location, we decided in the course of modernising the smaller tower to enter into another contract with a hotel provider. In this sense, we view the hotel as a complementary addition to a major office location rather than an "asset class" in its own right.

Kind regards,
Bettina Schragl


Write new comment

Please do log in to be able to use this functionality.


Bettina Schragl, Head of Corporate Communications and Investor Relations, 28.03.2017
Dear Mr Gusenbauer, We have demonstrated clearly that the combined company will become one of...
Bettina Schragl, Head of Corporate Communications and Investor Relations, 06.02.2017
IMMOEAST Cash entitlement
Dear Gregory, The committee has not yet issued any information on further planned procedures,...
Mr Gregory Chenallet, 02.02.2017
IMMOEAST Cash entitlement
Dear Bettina, I just wanted to follow up on the above matter. Do you have any news in this...
IMMOFINANZ AG has amended its cookies policy. We use cookies to ensure that we offer you the best experience possible on our website. This also applies to cookies from third-party websites for social media, advertising and analytics. Such third-party cookies are able to track how you use the website. We and our affiliates also use cookies that allow statistical evaluation. More information can be found here.
Harald Heinzl Przemek Wardega Dietmar Reindl Julia Müller Stefan Schönauer Bettina Schragl