S IMMO AG completes squeeze-out, minority shares transferred to IMMOFINANZ AG

The Commercial Court of Vienna has officially registered the squeeze-out of S IMMO AG, transferring all minority shareholder shares to the main shareholder, IMMOFINANZ AG. The registration, completed today, follows the resolution passed at the Shareholders’ Meeting on 14 October 2024 and brings the Austrian Squeeze-out Act (Gesellschafterausschlussgesetz) into effect.

With the squeeze-out now finalized, trading in S IMMO AG shares on the stock exchange has ceased as of today. Minority shareholders affected by the transaction will receive cash compensation of €22.05 per share, as approved during the Shareholders’ Meeting.

The company has announced that S IMMO shares will be removed from minority shareholders’ securities accounts, replaced with claim certificates securing their right to the compensation amount, including statutory interest. The cash payouts are scheduled for 11 December 2024, concurrent with the derecognition of the claim certificates.

This marks a significant step in the consolidation of IMMOFINANZ AG’s ownership of S IMMO AG, aligning with the strategic objectives set by the companies earlier this year.

YIT Completes Rivi Bachova Cooperative Housing Project in Prague

YIT has announced the completion of its Rivi Bachova apartment building in Prague’s Chodov district, a project developed in collaboration with the Rivi Housing Cooperative. This innovative cooperative housing initiative offers 47 apartments and one commercial unit, providing new residents with an affordable path to homeownership. Tenants can move in as early as December, with the option to purchase their apartments in the future.

The twelve-story high-rise, built on the site of a former boiler house between Mikulova and Bachova streets in Prague 11, features modern urban living amenities. Most apartments come with balconies or terraces, and residents have access to underground garages with two car lifts, storage cellars, and a carriage room. A commercial space within the building is designed to house a shop or service outlet, further enhancing convenience for residents.

“We are proud to have transformed an underutilized site into a modern residential building that revitalizes this sought-after part of Chodov. The Rivi Bachova project offers quality housing in a prime location without requiring a mortgage, making it an ideal solution for many,” said Dana Bartoňová, Sales Director of YIT Stavo.

The Rivi Bachova project operates on a cooperative housing model, requiring buyers to deposit 20-25% of the property’s value upfront. The remaining cost is financed by the cooperative through a loan, often at more favorable terms than traditional mortgages. Residents can transfer ownership to themselves after three to five years.

“Cooperative housing is a flexible and increasingly popular solution, especially given the challenges many face in securing a mortgage today. This model also removes age restrictions and the need to prove creditworthiness, making it accessible to a broader range of buyers,” Bartoňová explained. Savings accounts or partial funds are often sufficient to secure a unit within the cooperative.

Situated in the heart of Chodov, the Rivi Bachova building offers proximity to numerous amenities, including schools, supermarkets, restaurants, and healthcare facilities. The surrounding area caters to diverse lifestyles, with a central park featuring outdoor gyms and playgrounds, sports complexes, and cultural hubs like Chodov Fortress, known for its exhibitions and concerts.

Nature lovers will benefit from nearby recreational spots, such as the Hostivařská Dam, Botič-Milíčov Nature Park, and Hostivař Forest Park, offering opportunities for cycling, jogging, and walking. Entertainment options include Cinema City multiplex at Westfield Chodov, while excellent transport links, including a short walk to the C – Opatov metro station, ensure easy access to the rest of Prague.

With its blend of affordability, convenience, and location, the Rivi Bachova project is poised to meet the needs of urban dwellers seeking quality housing without the burdens of traditional financing

Develia begins construction of Rokokowa Vita residential project in Warsaw

Develia has officially commenced construction on Rokokowa Vita, a new residential development located in the Młociny neighborhood of Warsaw’s Bielany district. The project, known for its elegant architecture and peaceful surroundings, is designed to offer a harmonious blend of urban convenience and natural tranquility.

The Rokokowa Vita estate will feature 22 low-rise, three-story buildings comprising 38 spacious units. These include two-level 3- and 4-room apartments, each approximately 96 square meters, equipped with gardens or terraces. Additionally, semi-detached houses measuring around 183 square meters, complete with garages and gardens, are part of the offering. Develia Construction, the developer’s in-house general contracting arm, is responsible for the build.

“Rokokowa Vita is a unique project combining the serenity of a green neighborhood with the vibrancy of life in the capital city,” said Natalia Marczak, Sales Department Manager at Develia. “The development’s refined architecture, spacious flats, and desirable Bielany location make it an attractive option for those seeking a comfortable home near both urban amenities and recreational spaces.”

Located just over 4 kilometers from Kampinos National Park, one of Poland’s most picturesque forest complexes, the estate offers proximity to nature while remaining well-connected to city life. The area is rich in shops, services, schools, and healthcare facilities, with Galeria Młociny—one of the country’s largest shopping centers—just minutes away by car.

The location also boasts excellent transport infrastructure. Numerous bus and tram lines run nearby, and the Młociny metro station is accessible within four minutes by car or a short walk. Easy access to the S7 expressway further enhances connectivity.

Develia Construction’s expertise ensures high-quality execution of the project. “Our engineering team’s experience and commitment to quality will deliver Rokokowa Vita to the highest standards, creating a comfortable and inviting space for future residents,” said Rafał Winkiel, General Director of Develia Construction.

Scheduled for completion in the first quarter of 2026, the development has already attracted significant interest. Currently, 30 units remain available, with prices starting at PLN 13,100 per square meter.

VGP Park Olomouc completes MAPEI’s new Czech Headquarters

VGP has completed the final phase of its VGP Park Olomouc project with the handover of Hall E to MAPEI. The global construction chemicals giant has leased 4,267 square meters of modern warehouse and office space for its new Czech headquarters. The facility, designed to achieve BREEAM Excellent certification, marks the culmination of VGP’s development at the site.

Located on the outskirts of Olomouc with convenient access to the D46 motorway, VGP Park Olomouc sits at the heart of Moravia’s industrial hub, near Přerov and Prostějov. The region offers a rich talent pool, supported by Palacký University and a network of vocational schools, making it a prime location for businesses looking to expand in the Czech Republic.

VGP Park Olomouc spans 213,800 square meters across 14 buildings, featuring sustainable elements such as rainwater retention systems, green facades, beehives, and landscaped flower meadows. The site also includes electric vehicle charging stations, underscoring VGP’s commitment to environmentally friendly design. With only 8,200 square meters of warehouse space still available, the park provides modern, flexible solutions for manufacturing, logistics, and commercial operations.

MAPEI’s new headquarters further strengthens the park’s reputation as a premier industrial location, combining cutting-edge facilities with sustainability and strategic positioning in the Czech market.

GARBE announces 100% occupancy of all its industrial parks in CEE

GARBE, a specialist in logistics, industrial and technological real estate, which entered the markets of Central and Eastern Europe in 2020, announces the full occupancy of all its industrial parks in the region. The recently vacated space of 10 000 sqm in GARBE Park Senec, a property managed for the real estate investment and asset manager Union Investment, was immediately occupied by logistics company Würth International Trading s.r.o.

“Our industrial parks represent strong investments with high growth potential. We have developer several sites in Central and Eastern Europe with a focus on the highest requirements for sustainability, cutting-edge technical equipment, and excellent accessibility. Although we took over the premises in Senec as an existing property, it made great strategic sense. Their attractiveness is confirmed by the quick leasing of the recently vacated space by Würth,” says Martin Stratov, Country Head for the Czech Republic and Slovakia at GARBE.

GARBE PARK Senec is exceptional due to its location and strong demand, which is comparable to the demand for logistics parks in the Rudná and Horní Počernice areas near Prague.

“Four years ago, we first expanded into the Czech and Slovak markets, then into Poland, and recently into Romania. All our developed or under construction sites are now fully occupied. These include primarily manufacturing or logistics companies, for which we have been able to build tailor-made spaces that meet their needs. In a short period of time, we have also managed to lease buildings that we developed speculatively,” adds Martin Stratov.

GARBE is currently operating industrial parks in České Budějovice and Klášterec nad Ohří in the Czech Republic. In Slovakia, it owns industrial premises in Senec, and in Poland, newly developed parks in Wrocław and Poznan. In Romania, GARBE focuses on the development of other promising industrial projects. GARBE also successfully sold two of its parks over the summer, which it still manages. These are in Chomutov, which falls within the portfolio of the Fio Real Estate Fund, and in Piešt’any, which is owned by Patria Investment Company. “We also have sites in our portfolio where we can continue new developments. In the Czech Republic, this concerns České Budějovice, Klášterec nad Ohří, Pohořelice, Velký Osek, and Loděnice, and in Slovakia, Senec and Bratislava,” concludes Martin Stratov.

Colliers Report Germany: Residential/Commercial Mix Property Market Gains Momentum

The investment market for Residential/Commercial Mix Properties has stabilised. Purchase prices had fallen by an average of 33 percent since their highs in the 52 cities monitored by Colliers. The phase of falling prices is largely over in most cities. The investment market for apartment buildings is picking up speed again. This is the result of the new report “Residential Investment 2024/2025: Residential/Commercial Mix Properties at a Glance”.

“Investors are increasingly evaluating the price level that has now been reached as attractive and are using it to re-enter the market,” says Felix von Saucken, Head of Residential Germany at Colliers. “Falling new construction figures and rising rents will reinforce this trend. In the long term, housing remains a megatrend from an investor’s point of view.”

General conditions for investments are steadily improving

In the seven metropolises of Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Stuttgart and Munich, the transaction volume in the residential and commercial buildings segment fell by around 28 percent from 2022 to 2023. In the meantime, demand is rising again. On the buyer side, there are currently mainly so-called semi-professional investors (wealthy individuals and family offices). The general conditions – a constantly higher demand for housing, expected falling financing costs and rising rents – will ensure a steady revival of transaction activity. Prime yields in the seven top cities currently remain at an average of 3.85 percent.

Rents rise at record pace

In the first half of 2024, residential rents rose at an above-average rate and also faster than disposable household incomes. Rents for newly built apartments rose by an average of 7 percent in the seven metropolises mentioned within twelve months to mid-2024. In the 50 largest cities, they rose by 8 percent. This means that the pace has once again accelerated significantly compared to the first half of 2023. At that time, the average rents in the top 50 cities for first-time occupancy had risen by “only” 4 percent within six months.

Rents are driven by sustained population growth and an increase in household numbers, especially in the top cities. The seven largest metropolises have recorded a total of more than three million arrivals in the past five years. “Even though immigration has slowed down somewhat in 2023, the overall pressure to move to the metropolises remains high, driving demand for housing,” says Felix von Saucken.
The already insufficient supply will not grow accordingly. In 2023, building permits had fallen very significantly by 27 percent compared to the previous year. This trend continues unabated: In the first half of 2024, the number of permits shrank by another 21 percent compared to the same period last year. “New residential construction has collapsed massively. There are no signs of a turnaround,” predicts Felix von Saucken.

Rental apartments are becoming increasingly scarce

The supply of apartments offered for rent is already declining: In Germany’s 50 largest cities, it fell by a total of 4 percent in the last twelve months. A shift in the supply structure can also be observed: The availability of rental apartments with two to five rooms decreased by nine percent. The supply of micro-apartments, serviced apartments and comparable forms of housing, on the other hand, increased by 6 percent.

Subsidised housing is a special case: The supply of social housing has been shrinking dramatically for years, from around 2.9 million units after reunification to only around one million now. This development will continue at the expense of low-income households. “In order to be able to meet the housing needs of this target group, it is essential to promote social housing more effectively,” says Felix von Saucken.

You can download the complete analysis of the housing markets in the 52 largest German cities as well as the additional topic report on housing below:

Master Management Group expands Rossmann drugstore presence in Its centres

Master Management Group (MMG), has deepened its partnership with Rossmann, the country’s largest drugstore chain. This collaboration has brought a new Rossmann outlet to the Brama Mazur shopping centre in Ełk, while expanding the retailer’s presence in Poznań and Kutno. Lease agreements have also been extended at the MMG retail park in Piekary Śląskie, further cementing the relationship between the two companies.

“For 18 years, we have been creating highly commercialized shopping centres that serve millions of customers across Poland. These centres are not only popular shopping destinations but also key platforms for the growth of local brands and leading retail chains,” said Paul Kuśmierz, CEO of Master Management Group. “We are thrilled to continue our cooperation with Rossmann, offering customers even greater access to this well-recognized drugstore chain, enhancing the shopping experience in Ełk, Poznań, Kutno, and Piekary Śląskie.”

Rossmann, a powerhouse in the Polish drugstore market, serves over one million customers daily and operates nearly 1,900 stores nationwide. The brand, which launched its first outlet in Łódź in 1993, is renowned for its vast selection of products at affordable prices, offering 21,500 items across 800 brands and introducing around 7,000 new products annually.

The collaboration with MMG has significantly strengthened Rossmann’s footprint. In Ełk, the brand opened a new store at Galeria Brama Mazur, while in Galeria Różana in Kutno and MMG Centers Poznań, existing outlets expanded their sales areas, accompanied by lease extensions. The lease agreement at MMG’s retail park in Piekary Śląskie was also renewed, ensuring the continued presence of the brand in these key locations.

Rossmann’s innovative approach to customer convenience, including its Rossmann GO feature in the Rossmann PL app, continues to draw consumers. This app enables customers to scan products with their phones, pay online or at the checkout, and enjoy a seamless shopping experience. With over 9 million users, the Rossmann PL app also allows membership in the Rossmann Club, which offers exclusive benefits. The retailer’s products are further available through its robust online platform.

MMG’s collaboration with Rossmann exemplifies its strategy to partner with top retail brands, enhancing customer satisfaction while driving foot traffic to its centres. This strengthened partnership underscores MMG’s commitment to fostering thriving shopping environments that cater to both consumer needs and retail growth.

Manova Partners launches as independent real estate asset manager

Manova Partners has officially commenced operations as an independent global real estate asset manager, marking a new chapter following its separation from Australia’s Macquarie Group. Established in 2000 as GLL Real Estate Partners, the company has evolved over two decades to become a prominent boutique asset manager, with approximately €12 billion in assets under management across 170 properties worldwide.

Headquartered in Munich, Manova Partners is led by co-CEOs Christian Göbel and Florian Winkle, who bring extensive experience and a strong collaborative dynamic to the firm. “We are a well-rehearsed team, having worked successfully together for many years,” Winkle stated. “As a boutique company with a long-standing institutional track record, we pride ourselves on offering bespoke services that cater specifically to the needs of our clients—services often unavailable through larger asset managers.”

Manova Partners operates from 17 locations spanning Europe, the USA, Latin America, and Asia, with investments targeting office, logistics, residential, and retail properties. The firm’s portfolio is managed by a diverse team of approximately 150 experts representing 15 nationalities, underscoring its international and entrepreneurial culture. All employees hold ownership stakes in the company, fostering a collective commitment to service quality and product performance. “This shared responsibility promotes a culture of integrity, local expertise, and global reach, ensuring we remain a reliable partner for our clients,” said Göbel.

The company’s investor base includes institutional investors and family offices, with a focus on tailoring real estate products to align with long-term trends and client requirements. Currently managing around €1 billion in committed equity capital, Manova Partners plans to continue targeting key sectors while expanding its reach in Europe, the US, Latin America, and Australia. The firm also serves the Asian market through its office in Korea.

The transition to independence signals a strategic pivot for Manova Partners, leveraging its boutique model to deliver customized solutions in a competitive market. “Our longstanding partnerships with investors and our ability to create tailored products position us uniquely in the industry,” Winkle emphasized.

With its entrepreneurial ethos, diverse team, and global footprint, Manova Partners is poised to build on its legacy, offering innovative and reliable portfolio management solutions for its clients worldwide.

Capital Park Group launches landmark development in Katowice: New Wełnowiec

The ambitious transformation of a former industrial site in northern Katowice is now underway as Capital Park Group embarks on the development of New Wełnowiec, a groundbreaking mixed-use district spanning 30 hectares. Following the approval of the local zoning plan in September 2024, the project has moved into the implementation phase, aiming to redefine urban living by blending modern architecture, sustainable design, and community-oriented spaces.

Situated on the grounds of the former Silesia Metallurgical Plant, New Wełnowiec will combine residential, commercial, and cultural functions with a strong emphasis on green spaces. Nearly a third of the area—10 hectares—will be devoted to parks, meadows, and recreational zones, including a four-hectare central park. This vision, created by the renowned JEMS Architekci studio, will include approximately 300,000 square meters of above-ground usable floor space, offering homes, retail spaces, restaurants, entertainment venues, and educational facilities.

Sylwia Filewicz, Head of Development at Capital Park Group, highlighted the project’s focus on preserving and integrating the area’s historical elements. “We have received permission to redevelop the historic compressor house on Korfanty Street, which will soon become a landmark of New Wełnowiec. It will not only serve as a presentation and information center for the project but also as a vibrant meeting place for residents and visitors,” Filewicz said.

The compressor house, built in 1905 as part of a zinc smelter complex, will undergo meticulous restoration to reclaim its industrial character. Original architectural details, including brick facades and windows, will be restored, transforming the building into a symbolic bridge between the area’s industrial heritage and its modern future.

Designed with ecological innovation in mind, New Wełnowiec incorporates advanced environmental technologies. The district will feature Poland’s first centralized waste management and rainwater retention system, renewable energy solutions, and green roofs to combat urban heat islands. Its biodiversity-focused green spaces will be tailored to local climate conditions, ensuring harmony between nature and urban development.

“New Wełnowiec is more than a development project; it is a reinvention of urban life,” said Tomasz Napieralski, architect and partner at JEMS Architekci. “We are creating a multigenerational space where nature and architecture coexist seamlessly, inviting residents to live, interact, and thrive in harmony.”

The first stage of construction, covering a central seven-hectare area, will begin with the preparation of detailed designs. This phase will include residential units, service outlets, retail and entertainment spaces, and sections of the central park. Construction work is slated to start in early 2026, following public consultations to incorporate community needs.

Meanwhile, environmental remediation efforts, led by Silesian land reclamation specialist Investeko, will address on-site earth mounds and prepare the land for redevelopment. The project also plans to integrate sustainable infrastructure, including underground traffic systems and electric vehicle charging stations, ensuring minimal disruption to public spaces.

Capital Park Group envisions New Wełnowiec as a vibrant, self-sustaining district that prioritizes community, ecology, and quality of life. With its mix of tradition and modernity, green spaces and architecture, and a focus on inclusivity, the project aims to set a new standard for urban living in Katowice and beyond.

IMMOFINANZ delivers strong performance in first nine months of 2024

IMMOFINANZ has reported robust results for the first three quarters of 2024, reflecting significant growth across key performance indicators and underscoring the strength of its portfolio strategy. Rental income increased by 11.9% year-on-year to €435.6 million, while the results of asset management rose by 14% to €368.9 million. The group’s operational performance saw a notable 54.1% increase, with results of operations reaching €322.3 million. Funds from operations (FFO 1) after tax also improved, climbing 24.8% to €230.9 million compared to €185.0 million during the same period in 2023.

Despite ongoing market volatility, IMMOFINANZ achieved a net profit of €50.9 million, equivalent to earnings per share of €0.18, a significant turnaround from the €0.48 per-share loss reported a year earlier. “In spite of the continuing market volatility, all our relevant indicators improved during the first nine months of 2024,” said Radka Doehring, a member of the IMMOFINANZ Executive Board. She attributed the success to the company’s strong operating performance and focused portfolio strategy, which combines growth with targeted reorientation.

The group’s property portfolio, valued at €7.997 billion as of 30 September 2024, includes 468 properties. Of this, €7.779 billion represents standing investments, offering a gross return of 7.2% across 3.5 million square meters of rentable space. The occupancy rate remained stable at 92.2%, with an average lease term of 3.7 years. IMMOFINANZ also continued its strategic portfolio optimization, generating €641 million in sales while acquiring office buildings and retail parks in the Czech Republic and expanding its STOP SHOP concept in Croatia.

The company’s balance sheet remains solid, with an equity ratio of 42.2% and a net loan-to-value ratio of 48.7%, reflecting disciplined financial management. Cash reserves stood at €613.9 million, with 99% of financial liabilities hedged against interest rate fluctuations. The IFRS book value per share rose 3.8% to €27.60, while the EPRA NTA per share reached €28.62.

Looking ahead, IMMOFINANZ remains optimistic despite the volatile macroeconomic and geopolitical environment. “This good progress confirms that we are well-positioned to continue our growth course over the medium and long term,” said Pavel Mechura, another member of the Executive Board. The company plans to focus on expanding its retail portfolio, completing the squeeze-out of S IMMO, and evaluating closer integration with its majority shareholder, CPI Property Group.

IMMOFINANZ’s resilient real estate products, strong financial foundation, and adaptive strategy position it to capitalize on future opportunities while navigating ongoing market challenges.

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