13.11.2017

Zugemailt von / gefunden bei: Baader Helvea (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)

Write-down in-line with expectations: Expected write-downs for the disposal are EUR 169mn (or EUR -0.15 on EPRA NAV per share) compared to our estimate of EUR 136mn. There is a potential earn-out gain and tax reimbursement effect of in total EUR 151mn (based on current EUR/Ruble exchange rates) dependent on the performance of the shopping centers in 2021.

Our conclusion: The disposal deal should be closed until year-end, which is important positive news. As write-downs are in line with expectations, they are neutral news for us. The potential earn-outs are a positive but only long-term and they are Ruble based, i.e. contain exchange rate risk (earn outs based on turnover in 2021). It is worth mentioning that the whole transaction is Ruble based and not hedged (too expensive according to company). We see some exchange rate risk as the EUR may strengthen against the Ruble until year-end.

Facts & Analysis

IMMOFINANZ signed a purchase contract with the Russian FORT Group (a shopping center owner based in St. Petersburg) to sell the entire retail portfolio in Moscow in a share deal. The deal is expected to close until year-end and does depend on customary closing conditions, including the refinancing of the portfolio by the FORT Group.

The purchase price for gross assets is EUR 901mn (EUR 226mn for net assets, all converted from Rubles) and the expected deconsolidation effect is EUR -169mn (EUR 58mn of goodwill write-down and EUR 111mn of property write down including deferred taxes). Potential tax refund proceeds are EUR 15mn and potential revenue-based earn-outs amount to EUR 136mn.

Company im Artikel

Immofinanz

Immofinanz © Martina Draper/photaq

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