Atrium European Real Estate & Immoeast (Immobiliare paesi dell'Europa dell'Est)

[bodyhammer]

Si tratta di due società che investono nel settore immobiliare dei paesi dell'Europa dell'est.
Atrium è specializzata nel settore centri commerciali dell'Europa dell'est, e recentemente si è quotata anche in Euronext Amsterdam oltre che al Vienna Stock Exchange. Una importante partecipazione è costituita da CPI/Gazit Holdings Limited una joint venture tra la società multinazionale Gazit-Globe Ltd quotata al Tel Aviv Stock Exchange e CPI Capital Partners Europe LP che è un fondo gestito da Citi Property Investors che non è altro che una business unit di Citibank International.
Immoeast è maggiormente diversificata, quotata solo al Vienna Stock Exchange, con una parte del portafoglio immobiliare anche in Austria a seguito di una recente ristrutturazione definita con la controllante Immofinanz (la vocazione principale rimane comunque lo sviluppo immobiliare nei paesi dell'Europa dell'est). Immoeast tra breve verrà incorporata in Immofinanz. Anche Immofinanz è quotata al Vienna Stock Exchange.
Entrambe le società hanno vissuto momenti dolorosi a causa del panico diffusosi nel momento in cui si era temuto il crollo sistemico di tali paesi, inoltre hanno entrambe sofferto di crisi del credito.
Immoeast ha anche attraversato una crisi legata alla gestione del vecchio management con una questione in fase di risoluzione in merito ad una emissione di bond gestita in maniera "poco chiara".
Se qualcuno, che abbia le competenze per farlo, vuole prendersi la briga di approfondire il discorso da un punto di vista dell'analisi fondamentale... si facci avanti per esprimere un parere in ottica value investing.
Secondo me il settore ha un potenziale positivo visto che si è ristabilizzato il mercato del credito.

Quotazioni

Vienna Stock Exchange
Aktien
Aktien

Euronext Amsterdam
Atrium

Siti Società
IMMOEAST AG
Atrium European Real Estate

Annunci importanti
Fusione Immoeast & Immofinanz

Ultimo Report Società
IMMOEAST AG: Results for the First Half of 2009/10
Presentazione Immofinanz
Report Immoeast al 31.10.2009
Report Atrium 30.09.2009

 

[bodyhammer]

In altra sede ho già esposto il mio interesse per questi due titoli....
Dopo essere uscito dalla posizione con ottimo gain, in attesa di uno storno di carattere generale che non si è sino a questo momento realizzato, ho deciso di rientrare sui due titoli.
Sto parlando di una quota marginale di portafoglio, pronto, se necessario, ad incrementare. Sono così entrato, con orizzonte temporale di medio termine (per entrambi i titoli a sconto rispetto al NAV):
Atrium prezzo carico a 4.5 €
Immoeast prezzo carico a 3.78€

 

[bodyhammer]

Quotazioni al 26.01.2010:

ATRIUM EUROP.REAL EST.LTD Last Price 4.58
IMMOEAST AG Last Price 3.60

I due titoli hanno retto bene al recente scossone dei mercati.

 

[bodyhammer]

Quotazioni al 19.02.2010:

ATRIUM EUROP.REAL EST.LTD Last Price 4.61 €
IMMOEAST AG Last Price 3.65 €


I due titoli hanno subito un po' di volatilità ma nulla di cui preoccuparsi.

 

[bodyhammer]

Tra poco escono i risultati delle due società:
Atrium li pubblica il 15 Marzo (Annual Report 31 December 2009)
Immoeast li pubblica il 24 Marzo (Report on the Third Quarter as of 31.01.2010)

Annuncio fusione Immofinanz/Immoeast

 

[bodyhammer]

Report Atrium al 31.12.2009

Oggi sono usciti i dati di Atrium. L'azione quota a sconto (valore al 15.03.2010 pari a 4.59€ mentre NAV al 31.12.2009 pari a 5,81€).

Commenting, Rachel Lavine, Chief Executive Officer of Atrium European Real Estate, said: “The
situation today is very different from what it was a year ago, both from a market perspective and an Atrium
standpoint. 2009 was very much about stabilising Atrium and ensuring we were able to extract the full
potential from our income producing assets, through improvements in efficiencies and maintaining
occupancy. While we believe this year will be a challenging one for retailers and we will continue our efforts
to improve occupancy and margin, our main focus for 2010 is on how to achieve growth.
“We have a very strong cash position and maintain our firm belief that, despite its rationalisation, our
development and land portfolio is still a key element of Atrium’s future growth. Now that much of our inhouse
improvements have been implemented, our primary aim is to look to enhance growth through the
acquisition of income producing, supermarket anchored shopping centres, which fit with our existing portfolio
and offer a higher degree of security for income. I believe Atrium is now very well-placed and I am confident
about the future.”

Final results for the full year and fourth quarter 2009

Corporate Vision and Strategy
Corporate Vision
The Group’s vision is focused on becoming the leading owner,
operator and developer of supermarket anchored shopping centres in
Central and Eastern Europe.
Strategy
The strategy to achieve this vision is to develop and operate shopping
centres in good locations. In addition, the Group will look to acquire
existing shopping centres, either individually or as portfolios, and
believes that, as the fall-out from the economic crisis unwinds, it is
likely that a number of these opportunities will become available.
The Group invests primarily in Central and Eastern Europe, but within
this self restricted area, the Group pursues the strategy of owning
and managing a portfolio of shopping centres with a supermarket
or a hypermarket as the anchor tenant. Each asset is tailored to suit
its local market place in terms of the design, the facilities available
and its tenants. To guard against concentration risks, the portfolio
is diversified geographically, by country and region and through the
selection of a broad mix of tenants to include the appropriate level of
occupiers with strong covenants. The objective remains to achieve a
certain critical mass in each market and to ensure that operation of
the individual portfolios is as efficient as possible.
The Group’s management conducts ongoing and detailed projectby-
project assessment of all its existing standing investments and its
entire development pipeline. Standing investments with deficiencies
in performance will, in the first instance, be subject to rectification by
overhauling operational controls, or by the development of extensions
or refurbishments such as those at Volgograd and Togliatti. Only
if these are not economically viable will they be disposed of at a
time when management feels inherent value in the property can be
achieved.
Projects which are found to be incompatible with the Group’s
development objectives will be redesigned in order to find the best
configurations for continued development and to take account of
existing and future market conditions to ensure that they can perform
through all economic cycles.
Throughout 2009, having assessed the Group’s commitments to its
development pipeline in relation to its strong cash position, the Group
began to examine ways in which its resources could be used to gain
optimal benefit in the current market.
Part of the Group’s strategy is to make the balance sheet more
efficient given the cash surplus held and a low interest rate
environment. The Group has implemented a bond buy-back
programme and this will continue, albeit at a slower pace, depending
on the availability of acquisition targets.
In 2010, the management will continue to review the regional spread
of its assets. It is clear that, in order to operate shopping centres
efficiently in a country, there needs to be a certain critical mass which
allows for improved operational efficiency and the resultant cost
savings. It also provides increased commercial synergies, as it is then
possible to offer a tenant a range of optimal locations, fitting firmly
with the Group’s strategy of establishing strong working relationships
with its tenants in order to ensure mutual long term success and
cooperation.


Dividend
In 2009, the directors of the Company declared the payment of
special dividend of EUR 0.50 per ordinary share and adopted a
dividend policy of EUR 0.12 per ordinary share per year (subject to
any legal and regulatory requirements and restrictions of commercial
viability), declared and paid in quarterly instalments, with effect
from the fourth quarter of 2009. Total dividend payments for 2009
amounted to EUR 197m.

Annual Report 2009

Company Presentation Jan 2010

 

[bodyhammer]

Stamane mi sono letto il report di Atrium.
Un passaggio che vorrei sottoporre alla attenzione di coloro che volessero investire in questo titolo, è la liquidità differente tra la piazza di Vienna e Amsterdam, tenendo conto che per un investitore italiano l'acquisto sulla borsa Euronext è più conveniente in termini di commissioni.

Vedi report pag. 36.

Liquidity
The average daily trading volume in 2009 on the Vienna Stock
Exchange was 556,197 shares, while the liquidity on the Euronext
remained very limited at 12,924 shares per day in the period from
1 September 2009 to 31 December 2009 (i.e. excluding the first
two weeks of trading on Euronext). The management is currently
considering different options which would help to improve the
liquidity on Euronext.

 

[bodyhammer]

Immoeast

Information to the shareholders of IMMOFINANZ AG and IMMOEAST AG regarding the execution of the merger
Dear Shareholders!
The merger of IMMOEAST AG with IMMOFINANZ AG has been resolved upon by the shareholders’ meetings of both companies dated 20 January 2010 and 21 January 2010. The exchange ratio is three IMMOFINANZ exchange shares for tow IMMOEAST shares.
After the elapse of the time period for filing of motions against the shareholders’ resolutions we can inform you, that no motion has been filed against the shareholders’ resolutions so that all substantial requierments in Austria for the registration of the merger with the companies register are fulfilled.
Because of the listing of the IMMOEAST shares on the Warsaw Stock Exchange IMMOFINANZ AG is obliged to publish an information memorandum prior to the merger date. The approval process for this information memorandum is currently pending. As soon as the information memorandum has been approved the merger will be executed an the IMMOFINANZ exchange shares will be issued.
IMMOFINANZ AG and IMMOEAST AG expect that the merger will be executed before the end of the current business year (30 April 2010). We will inform separately as soon as the exact merger date is determined.
Vienna, March 2010



http://www.immoeast.at/download/Verschmelzung_umtausch_e.pdf




News 11.03.2010


IMMOEAST AG concludes refinancing of EUR 250 m for three properties in Poland
Financing partner is Helaba (Landesbank Hessen-Thüringen) Expansion of attractive “Sliesia City Center” in Katowice starts 2010

Helaba Landesbank Hessen-Thüringen has agreed to refinance EUR 250 m in a property-backed deal involving IMMOEAST properties “Silesia City Center”, a shopping centre in Katowice, and two office buildings in Warsaw.

IMMOEAST AG acquired “Silesia City Center”, the largest cutting edge shopping centre in Upper Silesia in 2005. Katowice is at the centre of the booming region of Upper Silesia, and is one of Poland's leading economic centres. The attractive “Silesia City Center” encompasses a total of 110,000 sqm with a net rentable area of 65,800 sqm, room for 240 outlets, and 3,000 parking spaces. 100 percent of the available space in the shopping centre has been leased on long-term contracts since its opening, underlining the success of the site. High footfall and demand from potential tenants for additional space have led to the decision to begin expanding the shopping centre in 2010 with an additional 18,500 sqm over two floors. Completion is scheduled for the 4th quarter of 2011, with a total of around EUR 48 m to be invested in the expansion.

The refinanced portfolio also includes two first class office buildings in Warsaw, “Brama Zachodnia” and “IO-1”. Completed in 2001, “Brama Zachodnia” has a net rentable area of around 24,000 sqm. “IO-1” is a modern building, completed in 2007, and offers a net rentable area of 23,500 sqm. Both properties are distinguished by ideal traffic connections and an above-average standard of facilities.

“Due to our portfolio's long-term earning power and stable development, we were able to secure refinancing for our properties despite such a difficult economic climate”, says Dr Eduard Zehetner, CEO of IMMOFINANZ Group.


IMMOEAST AG

 

[bodyhammer]

Quotazioni al 19.03.2010:

ATRIUM EUROP.REAL EST.LTD Last Price 4.55 €
IMMOEAST AG Last Price 3.74 €

Calma piatta.....

 

[bodyhammer]

Sono usciti i risultati di Immoeast al 31.01.2010.
L'azione quota a sconto (4€) rispetto al NAV per share del 31.01 (7.43€).

• Revenues: EUR 481 m (+90.3%)
• EBITDA: EUR 246.8 m (+178.3%)
• EBIT: EUR 215.8 m (previous year -1.405 bn)
• EBT: EUR 307.7 m (previous year EUR -2.276 bn)
• Gross cash flow: EUR 239.7 m (+219.1%)
• Book value / share: EUR 6.80 (+1.09%)
• NAV / share: EUR 7.43 (+5.69%)
• Earnings / share: EUR 0.30 (previous year EUR -2.32)

La questione del bond, citata nel post di apertura, è tuttora aperta:

“IBAG-Bond”
Negotiations with Constantia Packaging B.V. on the settlement in this regard are virtually finalised. The required universal settlement including the takeover of Aviso Zeta Bank AG from five Austrian “system banks” (Bank Austria, RZB, Erste Bank, BAWAG and Volksbank) continues to be difficult, however.


Comunicato


Report