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Warimpex looks for new investment opportunities

08 September 2017

CEE REGION After the sale of a portfolio of eight hotels for EUR 180 mln, which made up 50 pct of the real estate assets of the company, Warimpex is looking for new investment opportunities.

“With the sale of eight hotels, which we closed in May this year, we considerably decreased out debt and have more cash to spend. We want to use the money to purchase new plots for office, hotel and mixed-use projects. We’re not ruling out purchasing distressed assets,” stated Alexander Jurkowitsch, a member of the board of Warimpex. “We’re interested in the largest cities particularly in Warsaw, Kraków, Łódź and Budapest, where we can see a considerable improvement in the market,” he added. The hotel portfolio sale was concluded on May 31st and contributed EUR 21.4 mln to the company’s balance sheet and resulted in loan repayments and bond redemptions. “Our equity share increased significantly from 9 to 30 pct,” stated Franz Jurkowitsch, the CEO of Warimplex. Due to the sale EBITDA increased from EUR 6.3 mln to EUR 29.5 mln while EBIT also increased from EUR 10.2 mln to EUR 43.4 mln. Assets increased in value by 12 pct of NNNAV compared to the end of 2016. Revenue from operations including joint ventures decreased from EUR 3.9 mln to EUR 9.2 mln, which were negatively affected by exchange rate fluctuations. Its total H1 2017 net revenue rose to EUR 33.5 mln from EUR 12.3 mln last year. Currently the company is constructing two office buildings: Ogrodowa Office in Łódź and Mogilska Office in Kraków. Ogrodowa Office should be completed in H1 2018. Currently 8,000 sqm of the 26,000 sqm available has been leased. A letter of intent has also been signed for the lease of 60 pct of the total 12,000 sqm area in Mogilska Office with further negotiations currently in progress. Construction work on the building is to start soon with completion scheduled for the end of 2018. An office building with an area of app. 20,000 sqm is also to be built next to the Chopin hotel in Kraków. The company has not yet disclosed the area. At the end of May t Warimpex opened the fully leased Bykovskaya mixed use centre, which is part of the Airportcity complex in Sankt Petersburg and includes 6,000 sqm of office and archive space. Additionally Warimpex has secured land to develop a further 150,000 sqm of office space within its Airportcity development.

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