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| 22.03.2006 |
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| IMMOFINANZ Will Fully Participate in IMMOEAST's Capital Increase |
IMMOFINANZ Immobilien Anlagen AG will fully participate in the capital increase of its subsidiary IMMOEAST Immobilien Anlagen AG, IMMOFINANZ’s board of directors announced,
A capital increase of 333,529,650 shares with protection of shareholders' subscription rights was approved at IMMOEAST's extraordinary shareholders' meeting on Monday, March, 20th . The share price will be fixed in bookbuilding procedure; the price band will be between eight and ten euros a share. The capital increase will occur within four months after the sharholders’ meeting. The increase will amount to around three billion euros, depending on the price of the shares.
IMMOFINANZ will fully exercise its subscription rights. That means, depending on the offering price, an investment of somewhat more than 1.5 billion euros. Board chairman Karl Petrikovics said that a capital increase by IMMOFINANZ for the financing is planned.
IMMOEAST's capital increase will make possible a further expansion of its investment activity. At present, real estate investments in the amount of around 3.9 billion euros are being prepared. The implementation of this investment programme will significantly affect IMMOFINANZ's portfolio structure in its capacity of parent company and contribute raise the share of investments outside Austria in its portfolio.
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