Published: May 10, 2013
Austrian real-estate firm hopes move will attract Polish pension funds as new investors.
Immofinanz, an Austrian property company, has listed on the Warsaw Stock Exchange (pictured).
The company, already floated on the Vienna Stock Exchange since 1996, listed its shares with a reference price of PLN13.33 (about US$4), but didn’t raise any new money in the move. The management team says the float will help Polish investors, particularly pension funds, trade shares in the company.
Immofinanz buys, manages and sells real estate in Austria, Germany, the Czech Republic, Slovakia, Hungary, Romania, Poland and Russia. Its portfolio is worth some €10.5bn (US$13.6bn) and Eduard Zehetner, CEO, says the company now earns “substantially more” in Eastern Europe than Western Europe.
Erste Group is acting as market maker for the float.