Karl Petrikovics steps down as CEO of IMMOFINANZ AG and IMMOEAST AG and leaves the boards of both companies. The resignation is taking place with immediate effect.

Thomas Kleibl was appointed to the boards of directors of IMMOFINANZ and IMMOEAST and as speaker of the boards of directors by the supervisory boards of the respective companies. His term lasts until October 31st, 2011.

Mr Petrikovics has led IMMOFINANZ and IMMOEAST since their formation in 1990 and 1998, resp. Due to their strong growth, both companies established themselves in this period amongst the leading listed real estate companies in Europe.

The resignation of Karl Petrikovics marks the start of a new phase for IMMOFINANZ and IMMOEAST. After the strong growth in recent years, this phase will be characterised by consolidation and further optimisation of the real estate portfolio. This new focus coincides with the separation from Constantia Privatbank, which led IMMOFINANZ and IMMOEAST in the scope of management contracts with the respective companies.

Thomas Kleibl has been member of the board of directors of Austrian Airlines for the past seven years as chief financial officer. Additionally he has been responsible for technics in the past two years. Before joining Austrian Airlines, Kleibl has been in several leading positions at Wienerberger, the listed Austrian building materials producer.

The boards of directors which will lead the IMMOFINANZ Group in the future consist of Thomas Kleibl, Daniel Riedl, Christian Thornton und Michael Wurzinger for IMMOFINANZ and of Thomas Kleibl, Edgar Rosenmayr und Christian Thornton for IMMOEAST.