EANS-Adhoc: CA Immobilien Anlagen AG to acquire Europolis AG

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24.06.2010

CA Immobilien Anlagen AG to acquire Europolis AG

• Acquisition of all shares in Europolis AG
    • Purchase price EUR 272 m
    • Takeover to be financed with available liquidity
    • Book value of acquired property portfolio EUR 1.5 bn
    • Significant boost to CA Immo Group's earning power

Vienna, 24 June 2010. CA Immobilien Anlagen AG agreed with Österreichische
Volksbanken-AG Group (VBAG) ("the Seller") to acquire all shares in Europolis
AG. With the Europolis Group, which was established in 1990, CA Immo will take
over a property portfolio of EUR 1.5 bn, which is focused on Eastern and South
East Europe. The portfolio focuses on income producing assets in the "core" CEE
markets, namely Poland, the Czech Republic and Hungary, where over 70 % of the
property assets reside.

Bruno Ettenauer, CEO of CA Immobilien Anlagen AG, comments, "The acquisition of
Europolis, with its high-quality portfolio generating strong cash flow, will
contribute significantly to a sustainable increase in value and earnings for
the CA Immo Group. Eastern Europe is a key market for the CA Immo Group, and we
have every confidence that this is a good time in the property cycle to be
investing in this region for the long-term. Looking ahead, CA Immo will
therefore offer its shareholders an income producing property portfolio that
not only harbours appreciably more earnings power thanks to Europolis, but also
ideally complements the growth from development activities in Germany."

Purchase price and financing package
The agreement between the Seller and the CA Immo Group specifies a purchase
price of EUR 272 m (which is subject to usual final adjustments that may follow
from the annual accounts as of 31 December 2010) as well as a financing
package. One-half of the purchase price is payable upon closing of the
transaction (scheduled for January 2011). The other half (in the amount of EUR
136 m) is to be deferred over a period of 5 years from the closing date.
The Seller, which is providing around 40 % of the total financing and is
therefore the principal lender to the Europolis Group, has agreed to extend the
existing property financing arrangements for a period of 5 years from the
closing date. A subordinated loan in the amount of around EUR 75 m, also with a
term of 5 years, shall likewise remain in Europolis. These provisions will
significantly strengthen the financing structure long-term.
Disregarding NPV (Net Present Value) effects arising from the purchase price
deferral and from the other financing arrangements, the purchase price
corresponds to a multiple of around 0.9x compared to the adapted equity (NAV)
as of 31 December 2009.
Before the transaction is closed, the credit portfolio currently held by
Europolis and the refinancing arrangements associated with same are to be
assigned to the Seller, and the banking licence is to be rescinded.

Pro forma effects on the CA Immo Group
The acquisition will increase the property assets of the CA Immo Group from
around EUR 3.6 bn to about EUR 5.0 bn. From a regional perspective, the relative
significance of the Eastern and South East Europe segment in the overall
portfolio will increase from around 19 % at present to slightly more than 40 %,
putting it on a par with the Germany segment. The proportion of property assets
under development will fall from around 30 % to about 20 %; the change will be
accompanied by a rise in the share of income producing properties. The
annualised rental income of Europolis currently stands at around EUR 100 m, but
the figure for 2011 is expected to advance by around 5- 10 %, in particular
because of capacity utilisation increases prompted by recently completed
properties.

Since the gearing of the Europolis Group is higher than that of CA Immo, the
equity ratio of the CA Immo Group is likely to fall from around 39 % at present
to just above 30 %. Within the coming 18-24 months, CA Immo is expressly
seeking to release capital by way of further divestments in Germany and Eastern
and South East Europe in order to reduce the debt balance and thus raise the
equity ratio.

Given that the transaction is scheduled to be closed in January 2011, the
acquisition will be reflected in the statement of financial position for the
first time in the interim financial statements as of 31 March 2011.

Further inquiry note:
CA Immobilien Anlagen AG
Investor Relations
Florian Nowotny
Claudia Hainz
Tel.: +43/1/532 59 07-593
eMail: [email protected]
www.caimmoag.com
end of announcement euro adhoc
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issuer:   CA Immobilien Anlagen Aktiengesellschaft
          Mechelgasse  1
          A-1030 Wien
phone:    01/532 59 07
FAX:      01/532 59 07-550
mail:     [email protected]
WWW:      www.caimmoag.com
sector:   Real Estate

ISIN: AT0000641352
indexes: IATX
stockmarkets: official market: Wien
language: English

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