DGAP-News: IMMOFINANZ AG: takeover of Golden Babylon Rostokino in Moscow finalised
(firmenpresse) - DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate
IMMOFINANZ AG: takeover of Golden Babylon Rostokino in Moscow
finalised
21.05.2012 / 10:06
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Following the approval by the Russian antitrust authorities, the purchase
of the remaining 50% of the Golden Babylon Rostokino shopping center by
IMMOFINANZ Group was finalised on 16 May. The agreement on the acquisition
from the co-owner Patero was signed in March, whereby the parties have
agreed not to disclose any information on the purchase price.
'We are pleased to have already completed the acquisition of the Golden
Babylon Rostokino shopping center. The agreement with our joint venture
partner Patero over the full takeover of the Golden Babylon Rostokino was
signed only recently in March. The quick finalisation of this transaction
will now allow us to include the total rental income from the Golden
Babylon Rostokino in our books sooner than expected and, in this way, make
an important contribution to improving our operating results', commented
Eduard Zehetner, Chief Executive Officer of IMMOFINANZ Group.
The Golden Babylon Rostokino shopping center was developed as a joint
venture with Patero, a local firm, and opened in November 2009. It is the
most profitable shopping center in the IMMOFINANZ Group portfolio. In order
to repay the development financing provided by the parent company,
IMMOFINANZ Group concluded a long-term financing agreement with the Russian
Sberbank in March that covers a maximum volume of USD 715 million. The
Golden Babylon Rostokino is located in the densely populated Sviblovo
district of Moscow. With roughly 168,000 sqm of rentable space and 241,000
sqm of total space, it is not only a flagship for this city's retail sector
but also one of the largest shopping centers in Continental Europe.
MOSCOW - IMMOFINANZ GROUP's MOST PROFITABLE MARKET
The Austrian IMMOFINANZ Group has been active on the Russian market as an
investor for more than five years. During this time the company has
compiled an attractive portfolio that currently includes five standing
investments with a combined carrying amount of EUR 932.5 million: four
shopping centers and one logistics property.
In the Russian retail sector IMMOFINANZ Group focuses on Quality Shopping
Centers in Moscow. With its four retail properties, the company is one of
the most important foreign investors in the Russian capital. During the
first three quarters of the 2011/12 financial year, IMMOFINANZ Group
generated rental revenue of EUR 71.3 million and a gross return of 11.6% in
this market. These results not only make the Moscow retail sector by far
the most profitable market for IMMOFINANZ Group, but also produce
continuous sound cash flows. With a 37.1% share of the total retail
portfolio, Moscow is also the most important market in this asset class.
In addition to the Golden Babylon Rostokino, the Golden Babylon I and
Golden Babylon II shopping centers are among the highest revenue-generators
in the Russian capital. These two properties have been part of the
IMMOFINANZ Group portfolio since mid-2006 and represent the company's first
investments in Moscow. With a tenant mix of well-known national and
international brands that is perfectly matched with the catchment area, the
Golden Babylon I alone draws more than one million visitors each month. The
Golden Babylon Iis located in the Otradnoe district in the northeast of
Moscow, the Golden Babylon II in the Yasenevo district in the southwest.
Both shopping centers have excellent connections to the subway network and
are fully rented. The fourth property is the Fifth Avenue; it has 21,290
sqm of rentable space that is almost fully let and is also one of the most
profitable shopping centers in Moscow.
The Shushary logistics center in St. Peterburg has been part of the
IMMOFINANZ Group portfolio since 2008 and has a carrying amount of EUR 32.0
million. This prime property has 41,300 sqm of fully occupied rentable
space. Its favourable geographic location includes close connections to
Pulkovo Airport.
IMMOFINANZ GROUP REALISES ITS FIRST OWN DEVELOPMENT PROJECT IN RUSSIA
The Moscow retail market also remained extremely stable and profitable
during the crisis. This and other factors led to a decision by IMMOFINANZ
Group in May 2011 to acquire the remaining shares in the the GoodZone
development project from the joint venture partner. The GoodZone is one of
the largest retail projects in this city of 11.5 million and represents the
second largest shopping center under development by IMMOFINANZ Group in its
most important retail market. This project is currently under construction
on Kashirskoe Shosse in the southern district of Nagatino-Sadovniki, a
densely populated area of Moscow.
Photos on the IMMOFINANZ Group properties in Russia are available here:
http://www.immofinanz.com/en/press/press-releases/
Legends:
Golden Bablyon Rostokino: one of the largest shopping centers in
Continental Europe
Golden Bablyon II: fully rented and excellently connected to the subway
network
Fifth Avenue: since 2006 part of the IMMOFINANZ Group portfolio
Shushary: fully occupied logistics center in St. Peterburg
GoodZone: one of the largest retail projects in Moscow
Contact:
For additional information contact:
MEDIA INQUIRIES
Sandra Bauer
Head of Corporate Communications | Press Spokesperson
IMMOFINANZ AG
T +43 (0)5 7111 2292
M +43 (0)699 1685 7292
communications(at)immofinanz.com
INVESTOR RELATIONS
Stefan Schönauer
Head of Corporate Finance&Investor Relations
IMMOFINANZ AG
M +43 (0)699 1685 7312
investor(at)immofinanz.com
Simone Korbelius
Investor Relations
IMMOFINANZ AG
T +43 (0)5 7111 2291
investor(at)immofinanz.com
A-1100 Wien, Wienerbergstraße 11
www.immofinanz.com
End of Corporate News
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Language: English
Company: IMMOFINANZ AG
Wienerbergstraße 11
1100 Wien
Austria
Phone: +43 (0) 5 7111 - 2291
Fax: +43 (0) 5 7111 - 8291
E-mail: investor(at)immofinanz.com
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in
Frankfurt; Wien (Amtlicher Handel / Official Market)
End of News DGAP News-Service
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170690 21.05.2012
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