IMMOFINANZ AG / Key word(s): Real Estate/Miscellaneous
02.11.2015 17:28

Dissemination of an Ad hoc announcement, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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IMMOFINANZ has concluded a settlement with Advofin, a company that finances legal proceedings. It calls for IMMOFINANZ to pay more than EUR 60 million for an out-of-court solution with more than 3,000 investors represented by Advofin.

This settlement also covers most of the more than 500 legal proceedings by investors that are currently pending against IMMOFINANZ AG and the former IMMOEAST AG (now IMBEA), respectively Aviso Zeta AG (formerly Constantia Privatbank AG), at the Commercial Court in Vienna and the District Court in Vienna, which originated in the years prior to 2009. Of the value in dispute totalling approx. EUR 240 million, approx. EUR 217 million are attributable to proceedings represented by Advofin. These proceedings will be resolved through the acceptance of the settlement by the individual investors.

"With this step, IMMOFINANZ will create legal certainty and close a chapter from the past. Legal proceedings with an uncertain outcome and time horizon don't help anyone involved", explained CEO Oliver Schumy.
IMMOFINANZ is also working to reach a timely out-of-court settlement for the rest of the pending proceedings filed by investors. The costs involved to terminate all of the proceedings initiated by investors are, for the most part, covered by existing provisions in the consolidated financial statements of IMMOFINANZ AG. The recognition of a low double-digit million Euro provision for the remaining expenses can be expected in the half-year report for the 2015/16 financial year.


On IMMOFINANZ 
IMMOFINANZ is a commercial real estate company whose activities are focused on the retail and office segments of eight core markets in Europe: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and Moscow. The core business includes the management and development of properties. The company has a real estate portfolio of approx. EUR 6.6 billion that covers more than 440 properties. IMMOFINANZ is listed on the stock exchanges in Vienna (leading ATX index) and Warsaw. Further information under: http://www.immofinanz.com



For additional information contact:
Bettina Schragl
Head of Corporate Communications and Investor Relations IMMOFINANZ 
T +43 (0)1 88 090 2290
M +43 (0)699 1685 7290
communications@immofinanz.com 
investor@immofinanz.com


02.11.2015 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      IMMOFINANZ AG
              Wienerbergstraße 11
              1100 Wien
              Austria
Phone:        +43 (0) 1 88090 - 2291
Fax:          +43 (0) 1 88090 - 8291
E-mail:       investor@immofinanz.com
Internet:     http://www.immofinanz.com
ISIN:         AT0000809058
WKN:          911064
Listed: Regulated Unofficial Market in Berlin, Munich, Stuttgart; Open Market in Frankfurt ; Wien (Amtlicher Handel / Official               Market)
 
End of Announcement DGAP News-Service  

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