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

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Company Information

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.

end of announcement euro adhoc
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ots Originaltext: CA Immobilien Anlagen AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

CA Immobilien Anlagen AG

Investor Relations

Florian Nowotny

Claudia Hainz

Tel.: +43/1/532 59 07-593

eMail: ir@caimmoag.com

www.caimmoag.com

Branche: Real Estate
ISIN: AT0000641352
WKN: 064135
Index: IATX
Börsen: Wien / official market