DGAP-Adhoc IVG Immobilien AG: Development of a comprehensive refinancing strategy

Nachrichtenquelle: EQS Group AG
12.07.2013, 20:06  |  873   |   |   

IVG Immobilien AG / Key word(s): Capital Reorganisation/Restructure of Company

12.07.2013 20:06

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


As announced on 31 May 2013, IVG Immobilien AG (IVG or Company) is
currently conducting negotiations with principal shareholders,
and all main creditors affiliated in 'Ad hoc-Committees' with regard to (i)
a loan agreement in the amount of EUR 1,350 million dated 25 September
2007/13 April 2012 (SynLoan I), (ii) a loan agreement in the amount of EUR
1,047.4 million dated 12 May 2009/24 February 2012 (SynLoan II), (iii) the
convertible bond (ISIN: DE000A0LNA87) and (iv) the hybrid bond (ISIN:
DE000A0JQMH5) about the development and implementation of a comprehensive
refinancing strategy. From the Company's perspective, the basis of the
comprehensive refinancing concept, still to be agreed, will be the

1. The Business Plan Scenario for 2013 to 2018 (Business Plan Scenario)
passed by the board of IVG: According to the Business Plan Scenario the
board assumes that IVG Group will, medium term and continuously growing
during the projection period, achieve an EBIT of solidly more than EUR
200 million per year due to a consistent focus on the strengths of
IVG's business model as an integrated platform of investment and funds
business for real estate and infrastructure (caverns) combined with

i. a strategic focus and, if necessary to achieve return ratios well
at market standard and in order to avoid negative effects on
earnings in the future due to unrealised changes in value, a
partial revaluation of the real estate portfolio including the sale
of approx. 60 minor, non-strategic properties until 2016 (the THE
SQUAIRE ensemble will presumably be transferred into IVG's
investment portfolio) and increased, value-adding investments in
IVG's real estate portfolio (as of 2015, approx. EUR 50 million

ii. the realisation of (already agreed) sales of caverns in the amount
of approx. EUR 500 million and, depending on demand due to signed
rental agreements, moderate new developments of additional caverns
for IVG's portfolio until 2018 (probably one oil cavern and two gas

iii. the expansion of the funds business primarily together with
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