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

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Quotazioni al 01.04.2010:

ATRIUM EUROP.REAL EST.LTD Last Price 4.70 €
IMMOEAST AG Last Price 4.19 €


Rally di primavera per Immoeast.

 

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Midroog raises Gazit-Globe bonds outlook to "stable"

TEL AVIV, April 12 (Reuters) - Ratings agency Midroog on Monday reaffirmed its "A1" credit rating for bonds of Israeli real estate investment firm Gazit-Globe (GLOB.TA) and raised its ratings outlook to "stable" from "negative".
Financials
"The change in the ratings outlook ... is due to the substantial improvement in the company's liquidity and financial flexibility and against the backdrop of the success of the company's activities to lower its level of leveraging," Midroog, the Israeli subsidiary of Moody's Investors Service, said in a statement.
Gazit-Globe, which has some 7.5 billion shekels ($2 billion) of bonds outstanding, operates in the United States through subsidiary Equity One (EQY.N). In Canada, it controls First Capital Reality (FCR.TO).
Gazit-Globe is also the largest shareholder in Finland's Citycon (CTY1S.HE) and together with Citigroup (C.N) controls 49.9 percent of Atrium European Real Estate ATRV.VI, a shopping mall developer in emerging Europe. (Reporting by Tova Cohen; Editing by David Holmes)





Midroog raises Gazit-Globe bonds outlook to stable | Reuters

 

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Merger between IMMOEAST AG and IMMOFINANZ AG

Registration with the companies register and share exchange are expected for 29 April 2010.

All requirements for the registration of the merger between IMMOEAST AG and IMMOFINANZ AG with the companies register are fulfilled and 29 April 2010 has been preliminary confirmed by the Commercial Court Vienna as date of registration (“Merger Date”).

The Polish Financial Market Authority (FSA) has approved the information memorandum for the IMMOFINANZ-Exchange Shares as document qualifying for replacing a prospectus. The information memorandum in Polish will be published on the website of IMMOFINANZ AG (IMMOFINANZ AG) within the next days.

With the beginning of the Merger Date trading of the IMMOEAST shares (ISIN AT0000642806) on the Vienna Stock Exchange will be terminated. Regarding trading of IMMOEAST shares on the Warsaw Stock Exchange an application for suspension of trading with the beginning of 23 April 2010 will be made.

The merger as well as the share capital increase of IMMOFINANZ AG of approximately EUR 589 million for the issuance of approximately 567.4 million IMMOFINANZ-Exchange Shares (ISIN AT0000809058) to the shareholders of IMMOEAST AG shall become effective upon its registration by the Commercial Court Vienna with the companies register.

The share exchange with the agreed upon exchange ratio of three IMMOFINANZ-Exchange Shares for two IMMOEAST shares will take place on the basis of the securities accounts balances as of the beginning of the Merger Date. The delivery of the IMMOFINANZ-Exchange Shares will take place via the clearing system of the Oesterreichische Kontrollbank Aktiengesellschaft and the custodians; delivery to securities accounts with Polish custodians will take place via the Polish National Depository for Securities (NDS). For further information in respect of the share exchange please refer to the shareholder information published on the websites of IMMOFINANZ AG (IMMOFINANZ AG) and IMMOEAST AG.

IMMOFINANZ shares will not be listed on the Warsaw Stock Exchange in the course of the merger. The application for listing of the IMMOFINANZ-Exchange Shares on the regulated market of the Vienna Stock Exchange has been filed and it is expected that trading in the Prime Market will be assumed on or about the Merger Date.
Informations and documents concerning the spin-off of IMMOEAST AG and the merger of IMMOFINANZ AG and IMMOEAST AG

(updated as of 7 April 2010)

IMMOEAST AG

 

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Atrium Annual General Meeting on 18 May 2010

http://www.aere.com/Files/News/2010 AGM Circular.pdf

 

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Presentazione Immofinanz. La fusione con Immoeast è prevista per domani.

 

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Quotazioni al 28.04.2010:

ATRIUM EUROP.REAL EST.LTD Last Price 4.30 €
IMMOEAST AG Last Price 4.69 €

Una perde, l'altra vince, rispetto ad inizio mese.

 

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Immofinanz - azione legale Associazione consumatori

Da quanto ho capito è stata avviata una azione legale da 2000 piccoli investitori attraverso una Associazione di tutela dei consumatori. Vecchia storia non ancora chiusa... "L'accusa è grave sospetto di frode commerciale, grave violazione della fiducia e della manipolazione del mercato. Si applica la presunzione di innocenza."

Comunicazione ufficiale

Fusione Immoeast-Immofinanz

 

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Atrium European Real Estate Limited announces Tender Offer

Atrium European Real Estate Limited announces Tender Offer and Proposal for its €600,000,000 5.375 per cent. Guaranteed Notes due 2013

Link

 

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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€

A seguito della fusione (3 azioni Immofinanz contro 2 azioni Immoeast possedute in precedenza) ora ho in carico Immofinanz con PMC 2,5366€.

Quotazioni Immofinanz


The transaction was approved in January 2010, but because of Immoeast’s secondary listing on the Warsaw stock exchange the merger required ap-proval from the Polish regulatory authorities, which has now been granted. The merger will now be registered with the Vienna commercial registry. The merger between the two listed real estate companies is part of the overall restructuring of Immofinanz and is one of the largest mergers of listed companies in Austria’s history.

Schoenherr has been advising on various steps of the restructuring of Immofinanz. Prior to the 2010 merger with Immoeast, Schoenherr advised on the 2009 Immofinanz convertible bonds exchange offer directed to holders of Immofinanz' outstanding €1.5 billion convertible bonds; the 2009 restructuring of Immofinanz' €415 million senior syndicated credit facility; the €1.46 billion sale of Immofinanz’s subsidiary Immoaustria holding the Group's entire Austrian real estate portfolio to Immoeast; and the 2009 sale of selected prime real estate and financial investments to satisfy liquidity needs in the short term.

http://www.europe-re.com/system/main.php?pageid=2616&articleid=16080

 

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Atrium presentazione risultati Q1 2010

FIRST QUARTER RESULTS DELIVER PROFIT AND SHOW CONTINUED IMPROVEMENTS IN EFFICIENCY

Highlights:
Profit before tax of €46.3 million (Q1 2009: loss of €259.5 million; FY 2009: loss of €486.6 million)
Net cash from operating activities grew 213% to €28.3 million compared to €9.0 million for the
corresponding period last year (FY 2009: €64.7 million)
EBITDA excluding revaluation and other exceptional items up 21% to €25.6 million
(Q1 2009: €21.2 million; FY2009: €90.9 million)
EPRA Net asset value (“NAV”) per ordinary share up 2.2% to €5.91 compared to €5.78 at 31 December 2009
Margin improved to 88% compared to 77% in Q1 2009 (FY 2009: 81%)
Value of standing investments increased to €1.499 billion compared to €1.475 billion at
31 December 2009
Developments and land portfolio valued at €692.0 million compared to €666.1 million at
31 December 2009
Weighted average occupancy increased slightly to 94.2% (Q1 2009: 93.4%)
Gross rental income remained stable at €37.2 million (Q1 2009: €37.1 million;
FY2009: €148.8 million) with like-for-like gross rental income down by 4.3% to €32.8 million
(Q1 2009: €34.3 million; FY2009: €112.3 million), both reflecting the temporary rental discounts
given since mid 2009
Improved operational efficiencies reflected in net rental income growth of 14% to €32.7 million
(Q1 2009: €28.7 million; FY2009: €121.3 million). Like-for-like net rental income decreased by
1.8% to €28.9 million (Q1 2009: €29.4 million; FY2009: €98.6 million)
Borrowings decreased from €658.8 million, as at 31 December 2009, to €580.2 million as at 31
March 2010, following the repurchase of just over €80 million of 2006 Notes in January 2010 at
95% of nominal value
Cash balance remained strong at €542.7 million at 31 March 2010
(31 December 2009: €610.7 million)
€0.03 dividend paid on 31 March 2010, with a further €0.03 quarterly dividend to be paid on
30 June with an ex date of 22 June and a record date of 24 June 2010.
Commenting on the results, Rachel Lavine, CEO of Atrium European Real Estate, said: “The
positive trend in our markets, which began during the second half of 2009, continued into the first
three months of 2010. This is reflected in today’s results and I am pleased to be able to report a profit
before tax for the first time since we took the helm of the company. We also recorded a 21%
improvement in EBITDA and saw an increase in the value of both our portfolio of standing investments
and our development and land pipeline. We have continued to maintain occupancy at around 94%
and our efforts in improving the efficiency have allowed us to further increase our margin to 88%, as
well as increase net rental income by 14%.
“Atrium’s strong cash position and low leverage, as well as its portfolio of increasingly efficient income
producing assets and the value that is latent in its development pipeline allow me to look to the future
with confidence.”

Link

Presentazione Q1 2010

Interim Report 31 March 2010