Vienna International Real Estate Market and Property News

Atrium Repays Convertible Bond to Meinl

The American-Israeli real estate fund Atrium repays the 10.75% 2008 convertible bond to the Austrian Meinl Bank.

January 25, 2011

Atrium Intends to Clarify Purported Event of Default

After the statement of the Austrian Meinl Bank to sue the real estate fund Atrium because of a “default of payment”, Atrium announces its point of view.

January 22, 2011

Meinl Bank: New Attacks Against Atrium

The dispute between the Austrian bank and the American-Israeli real estate fund is getting fiercer. Meinl is calling a bond.

January 21, 2011

Trend Reversal: International investors push for Austria's Real Estate Market

Austria is getting increasingly popular for foreign real estate investors. Mainly speculators start to get interested in the domestic market to care.

January 19, 2011

ATX Restructuring Expected

It is expected that the three real estate securities, CA Immo, Conwert and Immofinanz will rise into the Austrian ATX Prime leading index.

January 15, 2011

Bank Austria Increases its CA-Immo Stake

The UniCredit-subsidiary intends to acquire a major stake of the Austrian real estate company CA Immo.

January 15, 2011

CA Immo Expects Sharp Rise in Earnings

After a major expansion, the Vienna-based real estate company´s assets stand at above € 5.0bn. The annual growth rate has exceeded 30% since 2005.

January 12, 2011

Immofinanz: Record Letting Results for German Subsidiary

The Austrian Real Estate Group benefits from the upswing in the German property market.

January 12, 2011

Immofinanz Group: New Head of Developments Commercial

The Immofinanz Group announces the appointment of Ralph Bezjak, 43, who has recently taken on the position of Head of Developments Commercial.

January 10, 2011

MEL: Demand for Higher Quota against Meinl

A lawyer representing the investors calls for an increase of the quota on the occasion of the compromise between Meinl Bank and former MEL investors from 35% to 70%.

January 5, 2011

Strong Sales Growth at RE/MAX

The real estate group RE/MAX increased its sales by 18.3% to € 795m in 2010 and was also able to expand its share of the market.

January 4, 2011

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