Warimpex Finanz- und Beteiligungs AG, Vienna, a real estate development and investment company with a special focus on hotel properties in Central and Eastern Europe, is to be floated on the Vienna and Warsaw Stock Exchanges.
There will be a capital increase, of up to 6 million ordinary shares and, in addition, up to 3 million shares owned by the founding shareholders will be offered to investors in Austria and Poland through a public offering, accompanied by a private placement of shares to institutional investors in Europe. The greenshoe or over-allotment option comprises a further 1 million shares. The subscription period opened in Vienna on 12 January 2007, and will run until 12 noon CET on 23 January at the latest. The subscription period for the public offering in Warsaw opened on 15 January 2007, and will run until 12 midnight CET on 22 January at the latest. The settlement date for the new shareholders is 26 January, with the start of trading on the Prime Market expected to commence on the same day in Vienna and on 29 January 2007 in Warsaw. The price range for the bookbuilding process has been set at €8.50 to €13.00 per share. The transaction is being handled by CA IB and Bank Austria Creditanstalt as bookrunner and lead manager, respectively, with Raiffeisen Centrobank as co-lead manager.
Warimpex Finanz- und Beteiligungs AG is owner and operator of hotels in Poland and the Czech Republic in the five-, four- and three-star segments. Since 1982, the Warimpex Group has developed real estate projects with investments amounting to more than €850 million, including 22 hotels with a total of more than 5,500 rooms. In addition, Warimpex also develops office buildings and other real estate.
Warimpex is currently the owner or co-owner of eleven luxury and business hotels with a total of more than 2,200 rooms, plus nine commercial and office buildings with a total floor area of some 40,000 m² in Poland, the Czech Republic and Hungary. Many other real estate projects are currently being developed. Warimpex aims to become one of the leading hotel property groups in Central and Eastern Europe, the objective being to supplement its existing hotel brands by establishing a new chain of economy hotels in cooperation with an international partner. In concrete terms, Warimpex will particularly focus the expansion of its 5-star hotels on the capital cities of current and new markets, with initial projects such as the 5-star hotel Le Palais in Warsaw already in development. Four star and 3-star plus hotels comprising the Andel's and Angelo hotel brands will also be built in secondary metropolitan areas. Several of these hotels are currently under development in Poland, the Czech Republic and Germany. In future it is planned to supplement the portfolio by adding 2- and 3- star economy hotels in existing and new markets such as Slovakia, Romania, Russia and Ukraine. For this area, a joint venture is planned with one of the leading European hotel chains in this sector.