Immofinanz

In the summer of 2008, international real estate and financial markets were rattled by loss of investor confidence and funding shortfalls. Constantia Privatbank AG (CPAG), which, under the directorship of Petrikovics and Gertner, was responsible for the management of IMMOFINANZ, failed to react to the changed circumstances.[7] These developments, along with poor management decisions, the correctness of which were/are the subject of criminal investigations, caused a crisis at IMMOFINANZ. In the wake of the global financial and economic crisis and the accompanying falling securities prices, IMMOFINANZ shares also came under strong pressure. For IMMOFINANZ, what was probably the most difficult phase in the history of the company up to that point began.

As a commercial real estate company, IMMOFINANZ focuses on both the retail and office asset classes. In the office sector, the company ranks among the largest providers of space in many of the capital cities in its core markets. In Germany, IMMOFINANZ is constructing the new corporate head offices for trivago und Uniper in Düsseldorf.[8][9]

The IMMOFINANZ brand world was expanded during 2016 financial year to also include an international office brand named myhive. Characteristic features of myhive office buildings are: hotel inspired atmosphere, versatile infrastructure, international community, cooperation opportunities and networking as well as flexibility. [10] [11] In September 2016 the company Currently the third office project in the Düsseldorfer Medienhafen is under construction for IMMOFINANZ’s standing investment portfolio. This high-rise is designed as a multi-tenant building and will be the first office building under the IMMOFINANZ brand myhive in Germany. [2]

In retail, the group concentrates on its two brands, STOP SHOP und VIVO!. STOP SHOP comprises retail parks in Austria and Eastern Europe, featuring a standardised format and a tenant mix. The STOP SHOP locations are predominantly in catchment areas with 30,000 to 150,000 residents and have lettable space of 3,000 sqm to 15,000 sqm. VIVO! is a quality shopping center brand developed by IMMOFINANZ that focuses on fashion and entertainment.

Immofinanz has been involved in a series of negotiations regarding a takeover or merger with its fellow ATX member CA Immo, also a property development company.[12][13][14] Merger negotiations failed in 2014, as did an acrimonious takeover bid by CA Immo in spring 2015.[15][16][17][18]

In August 2016 IMMOFINANZ has announced, that approximately 26% of the CA IMMO shares were acquired.[19] This acquisition was a first step towards a possible full combination of IMMOFINANZ and CA Immo by way of a statutory merger. End of February 2018, the Supervisory Board and Executive Board of IMMOFINANZ decided to continue the suspension of detailed discussions over a possible merger between CA Immo and IMMOFINANZ and to also evaluate other strategic options. [20] In July 2018, the Supervisory Board approved the package sale of the approximately 26% investment in CA Immo to SOF-11 Starlight S.à r.l., a member company of the Starwood Capital Group. The closing of this transaction took place on 27 September 2018. [21] [22]