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Vienna International Real Estate Market and Property News

Immofinanz Acquires 49% in EHL

The Austrian real estate companies Immofinanz and EHL Immobilien GmbH agree to long-term cooperation.

January 4, 2011

Real Estate Prices Rose in Vienna in 2010

Real estate prices rose in Vienna, according to the portal FindMyHome.at by almost 3%; rental prices slightly over 1%.

January 3, 2011

Atrium Reacts Sharply to Meinl´s Lawsuit

Atrium European Real Estate Ltd comments the recent lawsuit by Meinl Bank: “A desperate response.”

December 31, 2010

Immofinanz Sues Lobbyist

The Austrian real estate group Immofinanz sues its former adviser, Walter Meischberger, because of the "Buwog Affair".

December 30, 2010

Meinl Starts New Actions against Atrium

The exchange of blows between Meinl Bank and Atrium is getting more violent. Meinl Bank is presently filing a claim before the Arbitration Court of the Economic Chamber.

December 29, 2010

Meinl Bank Shows Losses

Due to the elimination of investments, Meinl Bank slips into the red zone. The loss amounts to € 37m.

December 28, 2010

Garage Operator Company List Expands to Hungary

The Vienna-based List Group, which acts as real estate company, acquired the Wipark Group in Hungary.

December 28, 2010

Bank Austria-Fund “Real Invest Europe” Opens as from 21 December 2010

Revaluation of property portfolio complete. Commercial property in Stuttgart sold at market price.

December 21, 2010

Meinl against Atrium: Up to 7,000 Lawsuits

The Austrian bank files lawsuits against the successor company of her former real-estate funds MEL.

December 20, 2010

New Project in Poland for Atrium

Atrium strengthens polish portfolio with € 168.5m acquisition of a shopping centre in Warsaw.

December 20, 2010

Immofinanz Records Increasing Revenues and Earnings

Revenues of the Austrian Real Estate Company were up by 3.3%. EBIT increased by 19%.

December 20, 2010

Difficult Times for Austrian Investors in Zagreb

The plan of an Austrian group of investors to build the largest shopping center in Europe in the Croatian capital threatens to fail.

December 10, 2010

Conwert Appoints Volker Riebel as New CEO

Chairman of the Administrative Board, Johannes Meran: “With Mr. Riebel, we won an internationally recognised real estate professional as CEO.”

December 9, 2010

Kaufmann Group Builds for € 130 Million in Zagreb

The real estate Kaufmann group from Linz starts its second major project in the Croatian capital. The investment volume amounts to € 130 million.

November 30, 2010

Bank Austria: Growth Potential for Real Estate in Romania and Bulgaria

Despite the signs of economic revival, Bulgaria and Romania markets are still largely being ignored by international investors, says Bank Austria.

November 29, 2010

S Immo Records Profits Again

Vienna-based Sparkassen Immobilien AG records a successful operating performance in the first three quarters of 2010 after the weak year 2009.

November 25, 2010

CA Immo Returns Back to Black

CA Immo presents its Q3 Results: strong increase in EBIT to € 134.6m (2009: € -6.1m), net income grew to € 13.5m (2009: € -78.3m).

November 25, 2010

Conwert Announces Q1-Q3 2010 Results

The Vienna-based real estate company records a good business development and a significant increase in earnings.

November 24, 2010

ECO Business-Immobilien AG Announces Q1-Q3 2010 Results

Vienna-based ECO Business-Immobilien AG records a fivefold increase in Group EBIT to € 25.0 m for the first three quarters of 2010.

November 23, 2010

Meinl Bank Sues Atrium for € 1.2 billion

After Atrium instituted proceedings for damages against Meinl Bank before the High Court of Justice in London, Meinl Bank responded with a countersuit.

November 23, 2010

Atrium Announces Q1-Q3 2010 Results

Atrium European Real Estate, a real estate company focused on CEE countries, leaves the red and records a strong operational performance.

November 22, 2010

Warimpex Announces Results of Q1-Q3 2010

Upward trend continues in the third quarter of 2010: Sales up by 21 percent.

November 17, 2010

Immofinanz Expands into the Czech Republic and Slovakia

Immofinanz established a new retail concept: STOP.SHOP. has grown in both importance and size in recent years. The Czech Republic and Slovakia are the most important countries.

November 11, 2010

Sharp decline in Creation of New Foundations

In particular, legal uncertainty and abolished tax advantages cause the creation of fewer foundations in Austria.

November 10, 2010

Immofinanz Starts Share Repurchase Program

Immofinanz buys back shares to refinance its convertible bonds. The program´s volume is estimated to € 137m.

November 9, 2010

Inheritances: A Trillion in the Next 30 Years

The next generation will inherit assets of 80,000 euro per capita.

November 5, 2010

Difficulties in the Vienna Real Estate Market

While there is a strong demand, there are few offers for investment properties in Vienna. The market turnover drops dramatically.

November 4, 2010

Real Estate Sales: Tax Evasion is Probably Tilted

So far, the property transfer tax has been avoided by a relatively simple construct. The Finance Senate wants to close this legal gap now.

November 3, 2010

New Retail Project in Constanta for Immofinanz

A new center located in Constanta, Romania, offering international tenants business opportunities in 130 retail units, will be opened in 2011.

October 30, 2010

Is the End of Private Foundations Near?

Legal uncertainties and higher taxes result in little incentive for the creation of new foundations.

October 27, 2010

Réné Benko Has already Invested 700 Million Euro This Year

The Tyrolean invests as heavily as before in Vienna and Innsbruck real estate. As to Eastern Europe, he expresses cautious optimism.

October 19, 2010

Low-Cost Gas Stations on Unused ÖBB Property

The Austrian Federal Railways (ÖBB) have signed a framework contract with Markus Friesacher for up to 35 low-cost gas stations on dormant property.

October 19, 2010

Real Estate Market for Logistics Objects is Booming

In the vicinity of the Airport Vienna, a new logistics cluster arises.

October 19, 2010

Réné Benko Looking for Tenants

The building of a new luxury shopping street in Vienna has begun. The tenants are still missing. If these are not found soon, the project threatens to fail.

October 15, 2010

Property Tax is Not Unconstitutional

Property tax is constitutionally unobjectionable; concerns about unit values for calculation of income tax for foundations are however maintained for now.

October 15, 2010

Bratislava: Investment in Slovak 'Las Vegas' in Danger

Bratislava might lose the planned amusement park "Metropolis", with an investment amount of 1.5 billion euro, if the Slovak government revokes the already approved tax concessions.

October 7, 2010

Immofinanz: Positive Signs Again

At exactly 12:53 pm on Thursday, an order for 926 shares allowed the Immofinanz stock to fight its way back to the zero-line. Investors hope that the worst is over by now.

September 30, 2010

Vienna now has its own Expat Center

In Vienna, the first Expat Center in Austria was opened. The project was handled by the Vienna Business Agency (former WWFF).

September 30, 2010

Supreme Court: Investors Misled by Meinl European Land Promotional Brochure

The Supreme Court ruled in favor of an investor who was led astray by a MEL-shares promotional brochure. The Meinl Bank describes the ruling as "contradictory," and as "not a good sign for the Austrian capital market."

September 30, 2010

Austrian Real Estate: Increased supply of 339%

Office space supply is on rise, but demand is lagging behind. Prime rents and yields went down y/y.

September 27, 2010

CEE Real Estate: Outlook is brightening

CEE real estate stocks are currently in a phase of brisk corporate action. Financially sound companies with attractive assets are interesting takeover targets, while other companies are being taken over.

September 27, 2010

Immofinanz: Net Income Decreases by 57%

Immofinanz AG showed half as much profit in the first quarter after its merger, as a lasting non-recurring effect from the first quarter. Earnings per share diluted after the merger with Immoeast.

September 27, 2010

Austrian Financial Services Discover Immigrants as Customers

Around 1.47 million people living in Austria have a migration background. Therefore, immigrants are an important target group for business. Domestic banks have also been getting into the so-called ethnic banking recently.

September 24, 2010

Foreign Direct Investments (FDI) Declined by 80%

Participation in companies and real estate are attractive, but Austrian firms are reluctant to make acquisitions in Eastern Europe.

September 22, 2010

CEE Banking Sector Report: Still More Credit Losses in the East

The number of bad loans is expected to increase considerably in some Eastern European countries, a Raiffeisen-analysis shows.

September 21, 2010

Austria's Management and Supervisory Boards’ Salaries on the Test Bench

The partly state-run OMV had the most expensive board of all Austrian corporations in 2009. In total, the oil company spent 10.2 million euro on its bosses, 23.4% more than the previous year.

September 20, 2010

CA Immo International completes first phase of DIY store OBI in Romania

Construction phase one of the retail development project in Sibiu has been concluded - DIY store OBI opens with 9,700 sqm of usable space.

September 2, 2010

UBM with slightly improved results

Focus on hotels and housing, regional focus remains on Poland and Germany.

August 31, 2010

Raiffeisen Evolution shifting back

The real estate developer Raiffeisen evolution (RE) was significantly affected by the uncertainty in the property markets in 2009.

August 26, 2010

Eco Business back in black

The listed Eco Business Immobilien AG registers positive numbers in the first half of the year.

August 24, 2010