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EQS-News: IMMOFINANZ AG / Key word(s): Real Estate/Statement
IMMOFINANZ: S IMMO offer price too low
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
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
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!"
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.
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10.01.2022 This Corporate News was distributed by EQS Group AG. www.eqs.com
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