http://www.ivg.de/ Aktuelle Meldungen de http://www.ivg.de/fileadmin/internet/styles/images/ivg_logo_wap.jpg http://www.ivg.de/ 124 87 Aktuelle Meldungen TYPO3 - get.content.right http://blogs.law.harvard.edu/tech/rss Tue, 22 May 2012 10:32:00 +0200 http://www.ivg.de//en/media/most-current-news/news-detail/info/ivg-uebergibt-bueroflaechen-in-the-squaire-an-lufthansa-dritter-ankermieter-zieht-mit-1100-mitarb/0de513b9fdaf74b76a2e9653a2ab042d/ IVG Immobilien AG has handed over 18,500 m² of rental space in THE SQUAIRE to Deutsche Lufthansa AG... Third core tenant moves in with 1,100 employees IVG Immobilien AG has handed over 18,500 m² of rental space in THE SQUAIRE to Deutsche Lufthansa AG as scheduled. The approx. 1,100 employees of the biggest German airline can now move into their new offices in the commercial complex at Frankfurt Airport with office space totalling over 140,000 m². After the auditing firm KPMG and the hotel group Hilton, Lufthansa has now become the third core tenant to take up residence in THE SQUAIRE. The move will take place in several stages and is set to be completed by the end of June. Marketing, Product Development and IT will all work under one roof for the first time ever in THE SQUAIRE. Previously, they were based at different locations around Frankfurt Airport. Developed as an open-space office, Lufthansa’s new home is intended to enhance communication between employees as well as informal discussion. In future, the airline’s crane logo will adorn the inner façade of THE SQUAIRE. THE SQUAIRE
THE SQUAIRE is one of the largest complex of buildings in the world. Measuring 660 m long and 45 m high, the complex above the long-distance train station at Frankfurt International Airport boasts rental space of 140,000 sqm. Its core tenants are KPMG, Deutsche Lufthansa AG and the Hilton Worldwide Group with its two hotels, the Hilton and the Hilton Garden Inn. The innovative utilisation concept of THE SQUAIRE, “NEW WORK CITY”, represents a new world in work and office space, creating an environment that fosters performance, motivation and creativity with its tailored infrastructure of office, hotel and conference space, restaurants and cafés, shops and services. Its neighbouring multi-storey car park, THE SQUAIRE Parking, has room for 2,500 vehicles. 98% of THE SQUAIRE is owned by IVG Immobilien AG. 2% is held by the airport operator Fraport AG. IVG Immobilien AG
IVG Immobilien AG is one of Europe’s largest real estate and infrastructure companies. The company manages assets worth approx. €21.5 billion at 19 sites with around 600 employees. Through its network of branches in German and European cities, IVG manages, among other assets, office buildings in its own portfolio with a market value of €3.8 billion.
IVG also constructs and operates underground caverns for the storage of oil and gas in northern Germany as an important investment in the area of energy infrastructure. In the fund sector, IVG is the market leader for special property funds for institutional investors. Together with closed-end real estate funds for private investors, IVG manages funds and mandates with a volume of €15.0 billion. Press Contact
Oliver Stumm
Tel.: +49 (0)228 / 844-133
Fax: +49 (0)228 / 844-338
E-mail: oliver.stumm@ivg.de
www.ivg.de]]> 2012 Tue, 22 May 2012 10:32:00 +0200 http://www.ivg.de//en/media/most-current-news/news-detail/info/hauptversammlung-der-ivg-beschliesst-alle-tagesordnungspunkte-im-sinne-der-verwaltung/9ccf7cd5b7009d0e0938b934b741447e/ Shareholders allow investments in energy-related infrastructure projectsStefan Jütte elected to...

Shareholders allow investments in energy-related infrastructure projects

Stefan Jütte elected to Chairman of the Supervisory Board

Bonn, May 16, 2012 – At the Annual General Meeting of IVG Immobilien AG on 15 May 2012 in Bonn, the shareholders approved all items of the agenda by a majority. This included the formal approval of the actions of the Board of Management and the Supervisory Board for the 2011 financial year and the amendment of the Articles of Association. As a result, in addition to investments in existing caverns, IVG can also invest directly or indirectly in other energy-related infrastructure projects in future. CEO Wolfgang Schäfers thanked the shareholders for their perseverance in his speech: “You are currently going through difficult times, but in addition to systematically reducing debt, the reorientation on which the Group has embarked to become an integrated investment platform for real estate and energy infrastructure will bring our company back to profitability.” A total of almost 400 shareholders took part in the event. Election of new member to Supervisory Board
At the shareholder meeting, Stefan Jütte was elected to the Supervisory Board for five years by almost 96% of the vote. Jütte was elected on the same day by the members of the Supervisory Board to Chairman of the Supervisory Board. Positive start to 2012 financial year
The Board of Management of IVG gave the shareholders a cautiously positive outlook for the current financial year. IVG Immobilien AG significantly improved its consolidated net profit and closed the first quarter of 2012 with just a slight loss of € 4.8 million. The Board of Management also again reiterated its goal of achieving an almost break-even result for 2012 and a significant profit in 2013. IVG Immobilien AG
IVG Immobilien AG is one of Europe’s largest real estate and infrastructure companies. The company manages assets worth €21.5 billion at 19 sites with around 600 employees. Through its network of branches in German and European cities, IVG manages, among other assets, office buildings in its own portfolio with a market value of €3.8 billion. It also constructs and operates underground caverns for the storage of oil and gas in northern Germany as an important investment in the area of energy infrastructure. In the fund sector, IVG is the market leader for special property funds for institutional investors. Together with closed-end real estate funds for private investors, IVG manages funds and mandates with a volume of €15.0 billion. Press Contact
Oliver Stumm
Tel.: +49 (0)228 / 844-133
Fax: +49 (0)228 / 844-338
E-mail: oliver.stumm@ivg.de
www.ivg.de]]> 2012 Wed, 16 May 2012 11:24:00 +0200 http://www.ivg.de//en/media/most-current-news/news-detail/info/ivg-immobilie-the-squaire-erhaelt-leed-gold-amerikanisches-guetesiegel-fuer-hohe-umweltvertraegl/ef6c919d1671ff3fb04535c4ed29f0b4/ THE SQUAIRE has been awarded a gold LEED certificate in the category “Core and Shell Development”.... THE SQUAIRE
THE SQUAIRE is one of the largest complex of buildings in the world. Measuring 660 m long and 45 m high, the complex above the long-distance train station at Frankfurt International Airport boasts rental space of 140,000 sqm. Its core tenants are KPMG, Deutsche Lufthansa AG and the Hilton Worldwide Group with its two hotels, the Hilton and the Hilton Garden Inn. The innovative utilisation concept of THE SQUAIRE, “NEW WORK CITY”, represents a new world in work and office space, creating an environment that fosters performance, motivation and creativity with its tailored infrastructure of office, hotel and conference space, restaurants and cafés, shops and services. Its neighbouring multi-storey car park, THE SQUAIRE Parking, has room for 2,500 vehicles. 98% of THE SQUAIRE is owned by IVG Immobilien AG. 2% is held by the airport operator Fraport AG. IVG Immobilien AG
IVG Immobilien AG is one of Europe’s largest real estate and infrastructure companies. The company manages assets worth €21.5 billion at 19 sites with around 600 employees. Through its network of branches in German and European cities, IVG manages, among other assets, office buildings in its own portfolio with a market value of €3.8 billion. It also constructs and operates underground caverns for the storage of oil and gas in northern Germany as an important investment in the area of energy infrastructure. In the fund sector, IVG is the market leader for special property funds for institutional investors. Together with closed-end real estate funds for private investors, IVG manages funds and mandates with a volume of €15.0 billion. Press Contact
Oliver Stumm
Tel.: +49 (0)228 / 844-133
Fax: +49 (0)228 / 844-338
E-mail: oliver.stumm@ivg.de
www.ivg.de]]> 2012 Mon, 14 May 2012 15:42:00 +0200 http://www.ivg.de//en/media/most-current-news/news-detail/info/ivg-erholt-sich-im-1-quartal-2012-deutlich-1/2c36e788ecf45e8b699c1b4c3ad12087/ Real estate and infrastructure Group generates virtually break-even consolidated net result of €4.8...

Real estate and infrastructure Group generates virtually break-even consolidated net result of €4.8 million (4Q 11: €71.3 million)

Sharp increases in revenues (€101.9 million) and EBIT (€50.3 million)

FFO I again positive at €2.9 million (4Q 11: €0.4 million)

Operating portfolio indicators remain stable as against previous quarter: like-for-like rents up 0.1%, NOI yield of 5.0%, vacancies at 11.4%

Occupancy rate for THE SQUAIRE rises to 85%

Board of Management confirms goal for 2012 of virtually break-even consolidated net result and significant consolidated net profit in 2013

IVG Immobilien AG significantly improved its consolidated net result in the first quarter of 2012 and ended the reporting period with just a slight loss of €4.8 million. In the fourth quarter of 2011, IVG’s consolidated net result had still been highly negative at €71.3 million on account of extraordinary factors. Revenues climbed by €24.7 million to €101.9 million, predominantly as a result of increases in net rents and the absence of negative extraordinary factors in the fourth quarter of 2011 in the Development segment. Operating EBIT also improved significantly from -€26.3 million to €50.3 million. Factors behind the improvement in the first quarter of 2012 included the near completion of the major project THE SQUAIRE at Frankfurt Airport, the initial rental income associated with this and the absence of the negative extraordinary factors that had squeezed earnings in the fourth quarter of 2011. Positive unrealised changes in market value in the Caverns segment (€40.3 million in the first quarter of 2012) more than offset negative unrealised changes in market value in the Real Estate segment of €25.1 million, and therefore resulted in a positive overall contribution to earnings. The Funds segment continued to enjoy a stable trend in income. The financial result improved significantly by €20.9 million to €54.8 million as a result of repayments, lower average interest rates and currency effects. IVG utilised the attractive interest rate to reduce its share of variable financial liabilities from around 41% in the previous quarter to now around 29%, and thereby to further improve planning certainty in its financial result. As at the end of the first quarter of 2012, the Group had cash and cash equivalents of €112 million. Funds from operations (FFO I), which describes the company’s operating cash flow without non-recurring income from Development and without proceeds from sales, were again positive at €2.9 million (previous quarter: €0.4 million). With vacancies at 11.4% as against 11.1% in the fourth quarter of 2011, a slight increase in like-for-like rents of 0.1% and a NOI yield of 5.0%, the other main portfolio indicators were virtually stable or developed positively. At €6.29 per share, IVG’s net asset value including the value potential of Caverns business (adjusted NAV) as at 31 March 2012 was unchanged as against the previous quarter (€6.30). Reported NAV amounted to €4.83 per share and was therefore up 1.9% on the previous quarter. Dr Wolfgang Schäfers, CEO of IVG Immobilien AG, said: “With IVG’s performance indicators now stabilising, we are seeing the basis for its successful ongoing development into an integrated investment platform. In addition to the systematic debt reduction of the Group, the expansion of our successful Caverns business to further energy-related infrastructure projects and the growth of our fund business with selected co-investments will be crucial factors in IVG’s positive future after its planned return to profitability in 2013.” CFO Dr Hans Volkert Volckens anticipates that the consolidated net result for the second and third quarters of 2012 will be somewhat weaker: “But IVG will close the fourth quarter of 2012 much more positively once again with a virtually break-even result across the entire 2012 reporting season,” stated Volckens. The goal of a significant consolidated net profit in 2013 was reiterated again. Throughout Europe in the first quarter of 2012, IVG concluded new letting agreements or prolonged existing agreements for around 97,500 m² of space in its own property portfolio. While transaction activity for commercial properties declined by nearly a fifth year-on-year in the first quarter of 2012 on Europe’s investment markets, in Germany it returned almost to the previous year’s level. IVG itself conducted acquisitions and disposals, particularly for its institutional investors, with a total value of €540 million in the first three months. Good news in the Development segment included the conclusion of further leases for a total of 6,500 m², increasing the occupancy rate of THE SQUAIRE to 85%. IVG Immobilien AG
IVG Immobilien AG is one of the major real estate and infrastructure companies in Europe. The company manages assets worth approx. € 21.5 billion and is located with approx. 600 employees in 19 selected major German and European cities. Via this network of local branches, IVG manages inter alia on balance properties with a market value of € 3.8 billion. In northern Germany IVG constructs and operates underground storage caverns for oil and gas as important investment into energy infrastructure. In the fund segment IVG is the leading provider of tailored property funds for institutional investors. In combination with the closed-end funds for private investors, IVG manages funds and mandates amounting to a volume of € 15.0 billion. Press Contact
Oliver Stumm
Tel.: +49 (0)228 / 844-133
Fax: +49 (0)228 / 844-338
E-mail: oliver.stumm@ivg.de]]> 2012 Fri, 11 May 2012 06:05:00 +0200 http://www.ivg.de//en/media/most-current-news/news-detail/info/ivg-vermietet-insgesamt-6500-m2-in-the-squaire/37ee8652a60a0a9f198ce63ae6fc51f7/ Ten new leases since the end of 2011Occupancy rate rises to currently around 85% Since the end of...

Ten new leases since the end of 2011

Occupancy rate rises to currently around 85%

Frankfurt am Main / Bonn, 10 May 2012: Since the end of 2011, IVG has concluded ten new leases for a total of 6,500 sqm of rental space in THE SQUAIRE project at Frankfurt Airport. Its occupancy rate has therefore risen to around 85%. The new tenants include the logistics group Panalpina, the office furniture manufacturer Bene, the food travel expert SSP Deutschland and Terminal for Kids. In future, the company will operate a children’s day care centre in THE SQUAIRE. Moreover, the Plug and Work Group, operator of the business and conference centre in THE SQUAIRE since July 2011, has extended its space.
 
“The leases now being concluded show that we are making progress as planned in the marketing of the small and medium-sized units in particular,” explains Dr. Wolfgang Schäfers, CEO of IVG. “Plug and Work increasing its space is also an indicator of the considerable appeal of our location for office users who demand flexible and easy-to-reach office solutions. The day care centre is also another key component of our NEW WORK CITY concept that is now becoming a reality,” Schäfers continued. Moving forward, the letting strategy for THE SQUAIRE will also focus on small and medium-sized units in addition to a diversified mix of tenants to enhance the building’s value added. The handover of approximately 19,000 sqm office space to the Deutsche Lufthansa AG is planned for mid-May 2012.
Refering to the occupancy rate both of the Hilton Hotels that opened at the end of last year were far ahead of schedule. After three months in operating is the occupancy rate of both hotels together over 60%. THE SQUAIRE
THE SQUAIRE is one of the largest complex of buildings in the world. Measuring 660 m long and 45 m high, the complex above the long-distance train station at Frankfurt International Airport boasts rental space of 140,000 sqm. Its core tenants are KPMG, Deutsche Lufthansa AG and the Hilton Worldwide Group with its two hotels, the Hilton and the Hilton Garden Inn. The innovative utilisation concept of THE SQUAIRE, “NEW WORK CITY”, represents a new world in work and office space, creating an environment that fosters performance, motivation and creativity with its tailored infrastructure of office, hotel and conference space, restaurants and cafés, shops and services. Its neighbouring multi-storey car park, THE SQUAIRE Parking, has room for 2,500 vehicles. 98% of THE SQUAIRE is owned by IVG Immobilien AG. 2% is held by the airport operator Fraport AG. IVG Immobilien AG
IVG Immobilien AG is one of Europe’s largest real estate and infrastructure companies. The company manages assets worth €21.5 billion at 19 sites with around 590 employees. Through its network of branches in German and European cities, IVG manages, among other assets, office buildings in its own portfolio with a market value of €3.8 billion. It also constructs and operates underground caverns for the storage of oil and gas in northern Germany as an important investment in the area of energy infrastructure. In the fund sector, IVG is the market leader for special property funds for institutional investors. Together with closed-end real estate funds for private investors, IVG manages funds and mandates with a volume of €15.1 billion. Press Contact
Oliver Stumm
Tel.: +49 (0)228 / 844-133
Fax: +49 (0)228 / 844-338
E-mail: oliver.stumm@ivg.de
www.ivg.de]]> 2012 Thu, 10 May 2012 11:11:00 +0200 http://www.ivg.de//en/media/most-current-news/news-detail/info/aktueller-bgh-beschluss-erfordert-wechsel-im-ivg-aufsichtsrat/6acddf9925d85c0de3a5a8a5a34e1eef/ Frank F. Beelitz to temporarily chair Supervisory Board until election of Stefan Jütte by Annual... Frank F. Beelitz to temporarily chair Supervisory Board until election of Stefan Jütte by Annual General Meeting Court ruling has no effect on Supervisory Board resolutions of last two years With its resolution announced today, the German Federal Supreme Court BGH rejected IVG’s appeal against non-admission pertaining to a decision by the Cologne Higher Regional Court. This means the Cologne Higher Regional Court’s decision of 2011 is now legally valid, with which the re-election of Detlef Bierbaum to the Supervisory Board of the company on 20 May 2010 is declared void. Thus Bierbaum, who had announced that he would be stepping down after the 2012 Annual General Meeting several weeks ago, is no longer a member of the Supervisory Board of IVG Immobilien AG. The background to this decision was an action brought at the time by a shareholder of IVG Immobilien AG who believed that his rights to information had been violated at the 2010 Annual General Meeting. The Cologne Regional Court had dismissed the shareholder’s action for annulment in full. The plaintiff then brought an appeal that was allowed in part by the Cologne Higher Regional Court. IVG considers the ruling of first instance to be correct and attempted to have the Higher Regional Court’s ruling overturned by the Federal Supreme Court. However, while not deciding the matter itself, the Federal Supreme Court did not allow the appeal. The temporary new Chairman of the Supervisory Board will be the current Deputy Chairman Frank F. Beelitz, who will also chair this year’s Annual General Meeting of IVG Immobilien AG in this capacity on 15 May 2012. He has already been a member of the Supervisory Board since 2008 and, after the Annual General Meeting, will cede his office to Stefan Jütte, who is to step down as CEO of Postbank and be elected to the Supervisory Board at the Annual General Meeting. The Federal Supreme Court’s ruling has no impact on the resolutions passed by the Supervisory Board of IVG Immobilien AG in the past two years. IVG had already announced the intended change from Bierbaum to Jütte at its accounts press conference on 28 March of this year. Bierbaum had been the Chairman of the Supervisory Board of IVG Immobilien AG for a total of almost eight years. Vital, forward-looking decisions were made during his term in office, such as the reorientation of the business model as an integrated investment platform and the establishment of new, successful segments through the strategic acquisition of equity investments. In particular, this includes the highly successful fund business with institutional investors (IVG Institutional Funds) and the construction and operation of caverns (IVG Caverns). Both segments generate regularly high earnings contributions to the Group as a whole. The Board of Management of IVG Immobilien AG wishes to thank Mr. Bierbaum for his many years of dedicated and faithful work and contributions, which have seen IVG positioned as one of Europe’s leading real estate and infrastructure investors with assets under management today of €21.5 billion. IVG Immobilien AG
IVG Immobilien AG is one of the major real estate companies in Europe. The company manages assets worth approx. €21.5 billion and is located with approx. 590 employees in 19 selected major German and European cities. Via this network of local branches, IVG manages inter alia on balance properties with a market value of €3.8 billion. In northern Germany IVG constructs and operates underground storage caverns for oil and gas. In the fund segment IVG is the leading provider of tailored property funds for institutional investors. In combination with the closed-end funds for private investors, IVG manages funds and mandates amounting to a volume of €15.1 billion. Press Contact
Oliver Stumm
Tel.: +49 (0)228 / 844-133
Fax: +49 (0)228 / 844-338
Email: oliver.stumm@ivg.de ]]> 2012 Wed, 09 May 2012 07:00:00 +0200 http://www.ivg.de//en/media/most-current-news/news-detail/info/ivg-vermietet-8500-m2-in-hamburgs-sueden-praktiker-verlegt-konzernzentrale-vom-saarland-nach-ham/1eb7a5aa049df8b3300f5002a9523db7/ The Hamburg branch of IVG Asset Management GmbH has found a tenant for its office space at... The lease has been initially concluded for roughly 8,500 m². IVG's building, with a total of 18,000 m² rental space over 11 floors, is now fully rented. An expansion option for another 5,000 m² would allow Praktiker to locate more than 400 jobs in this building in future. Other lessees in addition to Praktiker are Greylogix and HGC.
 
The head of IVG Asset Management GmbH’s operations in Hamburg, Lars Flechsig, feels that the property’s location on the city's south side makes it the perfect back-office site. “We are glad that Praktiker appreciates the advantages of the location and our property. We are optimistic that our customer will remain loyal to the location for many years, as many other renowned companies have."
 
Savills estate agents helped negotiate the lease. IVG Immobilien AG
IVG Immobilien AG is one of the major real estate companies in Europe. The company manages assets worth approx. € 21.5 billion and is located with approx. 590 employees (FTE) in 19 selected major German and European cities. Via this network of local branches, IVG manages inter alia on balance properties with a market value of €3.8 billion. In northern Germany IVG constructs and operates underground storage caverns for oil and gas. In the fund segment IVG is the leading provider of tailored property funds for institutional investors. In combination with the closed-end funds for private investors, IVG manages funds and mandates amounting to a volume of € 15.1 billion.
IVG Private Funds GmbH is a wholly-owned subsidiary of IVG Immobilien AG. Praktiker AG
The Praktiker Group, headquartered in Kirkel (Saarland) is one of Europe’s leading companies in the home improvement and DIY sector. It currently operates around 440 DIY stores in nine countries, including 330 in Germany. With some 20,000 employees, the listed company achieved sales of approximately €3.2 billion in 2011. Since 1 February 2007, the traditional Hamburg DIY company Max Bahr has been part of the Group; thus it now has two strong brands in Germany. Press contact
Oliver Stumm
Tel.: +49 (0)228 / 844-133
E-mail: oliver.stumm@ivg.de
www.ivg.de]]> 2012 Mon, 23 Apr 2012 10:37:00 +0200 http://www.ivg.de//en/media/most-current-news/news-detail/info/ivg-euroselect-21-muenchen-platzierungssumme-ueberspringt-150-mio-euro-marke/3b5f9a561e55ca79bc84676e97310428/ Three months after the start of placement, IVG EuroSelect 21 Munich has broken the EUR 150 million... Key data on the fund
The investment volume of the fund is around EUR 330 million. This consists of limited liability capital of EUR 205 million plus a 5% premium, and proportionate debt capital of EUR 115 million (leverage approx. 35%). Interested investors can invest in the fund from a minimum investment of EUR 10,000 plus a 5% premium. The total reflow of funds is forecast at around 179% before taxes. As a co-investor, IVG is making a long-term equity investment of over EUR 21.1 million in the IVG EuroSelect 21 Munich property companies. The forecast annual payments are 5.5%. IVG Immobilien AG
IVG Immobilien AG is one of the major real estate companies in Europe. The company manages assets worth approx. €21.5 billion and is located with approx. 590 employees (FTE) in 19 selected major German and European cities. Via this network of local branches, IVG manages inter alia on balance properties with a market value of €3.8 billion. In northern Germany IVG constructs and operates underground storage caverns for oil and gas. In the fund segment IVG is the leading provider of tailored property funds for institutional investors. In combination with the closed-end funds for private investors, IVG manages funds and mandates amounting to a volume of €15.1 billion.
IVG Private Funds GmbH is a wholly-owned subsidiary of
IVG Immobilien AG. Press Contact
Oliver Stumm
Tel.: +49 (0)228 / 844-133
Fax: +49 (0)228 / 844-338
E-mail: oliver.stumm@ivg.de]]> 2012 Thu, 12 Apr 2012 16:07:00 +0200 http://www.ivg.de//en/media/most-current-news/news-detail/info/rueckkehr-in-die-gewinnzone-durch-ausbau-des-immobilien-und-kavernengeschaefts-sowie-innovativer-fo/b0bb90f710f7dd70e6d515b1e3cb1996/ Financial year 2011: Consolidated net loss of €126 million primarily attributable to substantial... Financial year 2011: Consolidated net loss of €126 million primarily attributable to substantial impairment losses on the nearly completed major project “THE SQUAIRE” New Chairman of the Supervisory Board: Stefan Jütte, CEO of Postbank AG, set to succeed Detlef Bierbaum New Group management team systematically presses ahead with IVG’s development into an integrated real estate and infrastructure investor:

• Debt reduced by €460 million in 2011; a further reduction of €1 billion and a corresponding rise in the equity ratio from the current level of 20% to almost 30% is planned for the period from 2012 to 2014
• New real estate business: Focus on Germany and co-investments for selected IVG fund products
• Expansion of cavern and energy infrastructure business: 14 new oil and gas storage caverns in 2012/13
• IVG aims to break even in 2012 and record a substantial net profit in 2013

IVG Immobilien AG closed the financial year 2011 with a consolidated net loss of €126 million, largely as a result of non-recurring impairment losses on its phase out development business. Driven by the accelerated expansion of storage facilities for oil and natural gas (caverns), the continuation of the successful co-investment strategy in the real estate sector and new, innovative fund products for institutional and private investors, IVG intends to return to clear profitability by 2013 at the latest. The Board of Management expects to break even in 2012. The real estate group will also be expanded into an integrated real estate and infrastructure investor through additional investments in the area of energy infrastructure. This is announced by IVG’s new Board of Management at today’s financials press conference in Frankfurt. New Chairman of the Supervisory Board
IVG Immobilien AG’s new management team consists of the Chief Executive Officer, Dr Wolfgang Schäfers, who was appointed to this position in November 2011 having previously served as Chief Financial Officer, as well as Dr Hans Volkert Volckens (CFO) and Christian Kühni (COO), who have been in office since October 2011. There will also be a change at the top of IVG Immobilien AG’s Supervisory Board. At the Annual General Meeting on 15 May 2012 it is planned that  the current Chairman of the Board of Management of Postbank AG, Stefan Jütte will be elected as a new member of IVG’s Supervisory Board. Mr. Jütte is expected to take over as Chairman of the Supervisory Board, succeeding Detlef Bierbaum, who will step down from the Board. “Mr. Bierbaum accompanied IVG eight years through good and bad times as Chairman of the Supervisory Board, always displaying a high degree of commitment in doing so. He can take a great deal of credit for the successful realisation of key milestones in the Company’s history since 2009, particularly the successful support he provided for the reorientation of the business model with a view to creating an integrated investment platform,” comments Dr Wolfgang Schäfers, Chief Executive Officer of IVG Immobilien AG. Operational success across all divisions and significant reduction in debt despite net loss for the year
The consolidated net loss for the year, which was attributable to impairment losses on the major project “THE SQUAIRE”, should not distract from the important strategic measures and operational successes recorded in 2011, which will have a positive long-term impact on future results. The co-investment strategy successfully continued in late 2011 with the acquisition of the “Silver Tower” building in Frankfurt’s banking district as part of a club deal with eight institutional investors initiated and managed by IVG. “With this transaction, we again demonstrated to the market our expertise in the area of innovative investment and financing solutions,” says Schäfers. Meanwhile, the extremely strong start to the marketing of the IVG EuroSelect 21 Munich fund, in which IVG will retain a long-term investment of 10%, means that an impressive product for private investors has been placed as part of the Company’s strategic orientation. In its own real estate portfolio, IVG continued to focus on the less volatile German market. Properties in Germany now account for more than 90% of the portfolio in terms of market values. The proportion of “workout properties” also declined as planned, from roughly 10% in 2010 to roughly 8% in 2011. IVG is continuing to prioritise the streamlining of its real estate portfolio to eliminate isolated properties that do not fit into its portfolio strategy. “We also made considerable progress with our financing and risk structure in 2011. The successful extension of the project finance for the major project “THE SQUAIRE” with a volume of roughly €500 million was successfully extended in September 2011, followed by the renewal of portfolio financing in the amount of €145 million in October. The extensions for the “CORE” financing in the amount of €933 million and the “Syndicated Loan II” financing in the amount of €1,047 million, with new terms scheduled until December 2015 and September 2014 respectively, were particularly pleasing”, points out CFO Dr Hans Volkert Volckens. This means that no major maturities of liabilities to banks are expected before the end of 2013. Liabilities to banks were also already reduced by around €460 million in 2011. The capital increase in mid-December 2011, which resulted in gross proceeds of around €145.5 million, can now be used to make targeted major investments in the Caverns segment, with the resulting value effect enabling future debt repayments. “The full placement of the capital increase serves to underline our investors’ confidence in our return to success,” comments Schäfers. Key figures for 2011
IVG Immobilien AG reports a consolidated net loss of €126.0 million in 2011 (previous year: consolidated net profit of €23.2 million). This development was due to impairment losses on development projects in the amount of € 116.6 million of which the majority is related to the “THE SQUAIRE” project at Frankfurt Airport. Without the impact of this expiring speculative project business, IVG would have essentially broken even. The expected downturn in earnings in the Real Estate segment, from €110.6 million in 2010 to €101.9 million in 2011, is primarily attributable to the lower level of rental income as a result of the property disposals over recent years. All in all, properties with a volume of around €500 million and largely located outside Germany have been sold in 2011 in line with IVG’s strategic approach of focusing on the less volatile domestic market. The prices generated confirmed the portfolio measurement of IVG’s on-balance portfolio. The EPRA net initial yield (rental income less non-allocable operating costs compared with the gross market value of the properties) of 5.4% and the NOI yield (net rent less property-related costs) of 5.0% remained essentially stable compared with the previous year. At €108.0 million, EBIT (earnings before interest and taxes) in the Caverns segment was lower than in the previous year (€163.2 million). This was mainly due to the reduction in the first-time fair value accounting of caverns under construction (2010: nine caverns; 2011: six caverns). This means that operating earnings in the Caverns segment and the Real Estate segment were almost identical. EBIT in the Institutional Funds segment remained unchanged year-on-year at €18.3 million. Lower income from funds- and property management were offset by transaction fees. All in all, transactions totalling around €1.75 billion were conducted. The negative result of € 5.5 million in the Private Funds segment is attributable in particular to up-front costs for the IVG EuroSelect 21 Munich closed-end real estate fund, which was launched in early 2012 and for which no corresponding income was recorded in the year under review yet. The change in net financial income, from € 235.1 million in 2010 to € 260.9 million in 2011, is largely due to unrealised changes in value and the currency translation of hedges, as well as the remeasurement of financial assets. However, the renewal of loans and the reduction in net debt by roughly €460 million to roughly €4.5 billion mean that the financing and risk structure has improved significantly. Positive outlook for consolidated net profit over the coming years
IVG is planning to further cut its financial liabilities to around €3.5 billion over the next two years, largely through the monetarisation of assets, thereby reducing the impact of net financial income on consolidated net profit. This should also improve its equity ratio to almost 30%. Assuming no significant remeasurement effects, IVG expects to break even in 2012 and record a substantial consolidated net profit in 2013. The development project “THE SQUAIRE” at Frankfurt Airport is scheduled to be sold in 2013 following its first full year of operation. CFO Volckens expects the sale of the project to release equity of at least €300 million. “All available options for placing the project on the market and the first expressions of interest on the part of individual investors are currently being examined. However, nothing is decided yet,” comments Volckens. “THE SQUAIRE” went operational in 2011 with the key tenants KPMG, two successfully opened Hilton hotels and various retail and food outlets. The landmark property with total rental space of around 140,000 m2 includes a multi-storey car park with more than 2,500 parking spaces. The arrival of Deutsche Lufthansa in spring 2012 will increase the occupancy rate to well over 80%. Further leases covering a total of around 5,000 sqm are expected to be concluded by mid-2012. “With a real estate portfolio of €3.8 billion, assets under management totalling €21.5 billion, a transaction volume of €2.25 billion and lettings of more than 800,000 sqm in the past financial year, IVG is one of the largest and most important market players in Europe. 2012 and 2013 will be essential years for IVG and will determine whether we can not only consolidate our position as a major European real estate and infrastructure investor, but also further expand this position,” said Schäfers. The Board of Management hopes that this turnaround will also have a positive impact on the Company’s share price in the medium term at least: “Our current share price in no way reflects the value and future potential of IVG,” Schäfers concluded. Key Figures IVG 2011

IVG Immobilien AG 
IVG Immobilien AG is one of the major real estate companies in Europe. The company manages assets worth approx. €21.5 billion and is located with approx. 590 employees in 19 selected major German and European cities. Via this network of local branches, IVG manages inter alia on balance properties with a market value of €3.8 billion. In northern Germany IVG constructs and operates underground storage caverns for oil and gas. In the fund segment IVG is the leading provider of tailored property funds for institutional investors. In combination with the closed-end funds for private investors, IVG manages funds and mandates amounting to a volume of €15.1 billion. Press contact
Oliver Stumm
Tel.: +49 (0)228 / 844-133
Fax: +49 (0)228 / 844-338
oliver.stumm@ivg.de]]> 2012 Wed, 28 Mar 2012 06:15:00 +0200 http://www.ivg.de//en/media/most-current-news/news-detail/info/ivg-legt-studie-zu-den-polnischen-immobilienmaerkten-vor-polen-liegt-in-der-gunst-internationaler-i/c8b61ef551b300b8366a3169e12c3c80/ Poland has diverged significantly from its neighbours in the south and east in terms of market... terms of rental trends, the Warsaw market remains highly cyclical by European standards. According to a forecast by IVG Research, the rental market is set to return to a more stable situation in the next two years: the expected high demand for office space in 2012 and especially 2013 will possibly be met by a large number of new construction projects. “Irrespective of the sound market structure of the Warsaw real-estate market and its new B locations, the current attraction of Poland is also to be regarded as a reflection and yardstick of the current situation on the other real-estate markets in Europe”, states Thomas Beyerle, head of Research at IVG.  Rising outsourcing of sub-processes by international companies to Polish subsidiaries or specialised service providers has contributed to the increasing maturity of other office rental markets in large cities other than Warsaw. The limited, albeit dynamically increasing capacity of these office locations means market development volatility is very pronounced. “However, entry is made more attractive to property investors through high initial yields for prime properties from 7.25% to 7.5%”, adds Beyerle. Consequently, there will continue to be a number of suitable investment opportunities on the market in 2012. “However, more restrictive lending conditions imposed by real-estate financiers across Europe could prove to be an investment obstacle, although international banks offer relatively attractive conditions for investments in Poland”, predict the IVG analysts. Download Market Report Poland (english) IVG Immobilien AG
IVG Immobilien AG is one of the major real estate companies in Europe. The company manages assets worth approx. €22 billion and is located with approx. 590 employees in 19 selected major German and European cities. Via this network of local branches, IVG manages inter alia on balance properties with a market value of €4.1 billion. In northern Germany IVG constructs and operates underground storage caverns for oil and gas. In the fund segment IVG is the leading provider of tailored property funds for institutional investors. In combination with the closed-end funds for private investors, IVG manages funds and mandates amounting to a volume of €15.2 billion. Press Contact
Oliver Stumm
Tel.: +49 (0)228 / 844-133
Fax: +49 (0)228 / 844-338
E-mail: oliver.stumm@ivg.de]]> 2012 Tue, 27 Mar 2012 17:54:00 +0200