Stodiek Europa Immobilien AG, a subsidiary of IVG Immobilien AG, is setting the course for the future, in which it will focus on real estate investments in Germany.
"This orientation should be clear in the company name. We are thus proposing to the Annual General Meeting on 5 July 2006 that the company name be changed to 'IVG Deutschland Immobilien AG'", said Dr. Bernd Kottmann, member of the Board of Directors at Stodiek. Stodiek previously focussed on purchasing, optimising and selling office real estate in Europe.
The restructuring of the company is already well underway. The majority of the foreign real estate was transferred to a Luxembourg subsidiary at the end of 2005 and is to be sold. A property in Helsinki was already sold at the end of 2005. "With IVG Deutschland Immobilien AG, we are ready to launch an attractive REIT focussed on Germany, which will distinguish itself on the recovering German real estate market. Institutional investors view the German real estate market as underestimated and are looking for pure, indirect investment opportunities in Germany," explained Kottmann with regard to the future positioning.
Stodiek created a solid basis for the restructuring in the 2005 financial year, posting good figures. Return on equity was once again 10% after tax in 2005. Net asset value increased from €129.7 million to €135.8 million.
Consolidated earnings before tax totalled €11 million in 2005, following €3.5 million in 2004. Consolidated earnings after tax were up by €2.5 million to €7.9 million. Consolidated earnings do not include income of over €30 million from the restructuring, which shaped the individual financial statements of Stodiek AG.
It is proposed that the Annual General Meeting approve a dividend distribution of €0.25 per share, following €0.20 in the previous year.