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Austrian Real Estate Companies with Devaluations in Central and Eastern Europe
Austrian real estate companies CA Immo and s-Immo felt the pressure of the Covid-19 crisis and had to face significant revaluations of their properties in Austria, Germany and Central Eastern Europe.
CA Immo's properties (among it is the depicted Cube Berlin) have been reevaluated during the Covid-19 crisis. / Picture: © Wikimedia Commons / Bernard Ladenthin / CC BY (https://creativecommons.org/licenses/by/4.0)
The net profit of s-Immo AG fell in the first half of this year from EUR 148 to 16 million. However, the Covid-19 crisis has had very different effects on the respective real estate markets. The property revaluations by s-Immo are proof of this.
The investment company has increased the value of its real estate in Germany by EUR 33 million.
In the CEE countries such as Hungary, the Czech Republic, Slovakia and Poland, it has devalued its properties by more than EUR 20 million.The hotel and retail sectors were particularly affected by the devaluation.
In Austria, there was only a slight downward correction of two percent.
50 percent of the book values of …
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