DGAP-Adhoc: IVG Immobilien AG: Further progress regarding the comprehensive financing strategy: Submission of a joint proposal for financing by key creditors expected until 30 July 2013

IVG Immobilien AG / Key word(s): Capital Reorganisation/AGM/EGM

19.07.2013 18:01

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Further progress regarding the comprehensive financing
strategy: Submission of a joint proposal for financing by key creditors
expected until 30 July 2013

IVG Immobilien AG (IVG or the company) has taken another step forward in
talks with key creditors of the company, grouped in so-called 'ad hoc
committees' on (i) the loan agreement for EUR 1,350 million of 25 September
2007/13 April 2012 (SynLoan I) and a bilateral loan granted to IVG for EUR
100 million of 30 November 2007/13 April 2013 (LBBW loan), (ii) the loan
agreement for EUR 1,047.4 million of 12 May 2009/24 February 2012 (SynLoan
II), (iii) the convertible bond (ISIN: DE000A0LNA87) and (iv) the hybrid
bond (ISIN: DE000A0JQMH5), and with key shareholders to develop and
implement a comprehensive financing strategy:

The legal advisors to certain key creditors grouped in 'ad hoc committees'
on SynLoan I, SynLoan II and the convertible bond - in total these three
creditor classes represent liabilities of IVG in the amount of around EUR
2.9 billion - have today made statements, based on which the management
board has come to the conclusion, that it is currently overwhelmingly
likely that a proposal for a comprehensive financing of IVG outside
insolvency proceedings borne out by the three above creditor classes could
be presented to IVG by 30 July 2013.

In the view of the board of management of IVG this proposal should include
the following elements:

(i) Consideration of the warranted interests of the shareholders and hybrid
bond creditors.

(ii) A regulation on the financing of the additional liquidity requirements
of IVG of - if implementing the refinancing concept by the end of March
2014 - provisionally up to EUR 120 million, which could arise on account
of, among other things, the deactivation of the automatic zero-balancing
cash pool of the IVG Group and the extraordinary expenses to be borne by
IVG for costs in connection with the company's refinancing efforts; and

(iii) The commitment of sufficient support from creditors of the LBBW loan
and the convertible bond in possibly delaying the incurrence or maturity of
claims to payment from IVG in connection with these two financing
arrangements to the extent that this is necessitated in the implementation
of the refinancing measures.

Based on this, the Board of Management feels that the forecast regarding
the company's ability to continue as a going concern has been confirmed and
with the approval of the Supervisory Board, has resolved, in the interests
of the company, its shareholders and a strict process, to postpone the 2013
Annual General Meeting until provisionally 12 September 2013, so that the
comprehensive refinancing proposal now expected by the end of July 2013 can
be presented to the shareholders of IVG at this Annual General Meeting to
be voted on, provided that, in the opinion of the Board of Management and
the Supervisory Board, a consensus on it can be assumed. A corresponding
meeting to be arranged for the creditors of the hybrid bond is scheduled
for 27 August 2013.

Regarding the half-year report as at 30 June 2013, the company is reporting
that this report, as the consolidated and separate financial statements, is
not currently expected to be published as scheduled on 9 August 2013 - due
in part to the strategic review of all business areas and their carrying
amounts (cf. the ad hoc disclosure of IVG of 12 July 2013) and the intended
review of the six-month financial statements by the auditor - and is
instead expected to be published on 26 August 2013.

In spite of the delays now planned, the company is on schedule to implement
its financing strategy.

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Language: English
Company: IVG Immobilien AG
Zanderstr. 5-7
53177 Bonn
Germany
Phone: +49 (0)228 844-400
Fax: +49 (0)228 844-372
E-mail: ir@ivg.de
Internet: www.ivg.de
ISIN: DE0006205701, DE000A0JQMH5
WKN: 620570, A0JQMH
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), München; Freiverkehr in Hamburg, Hannover,
Stuttgart

End of Announcement DGAP News-Service

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