Warimpex launches a public offering of corporate bonds in Poland (PL)

The management board of Warimpex Finanz- und Beteiligungs Aktiengesellschaft ('Warimpex' or the 'Company') resolved to launch a public offering of corporate bonds in Poland in the course of its bond issuance program of November 16, 2010, based on a prospectus exemption in Poland (the 'Offering').

In connection with the Offering, the Company may undertake certain limited marketing activities outside Poland. The maximum size of the issue of the bonds may amount to PLN 80 million, with a denomination of PLN 1,000 per bond. The subscription period starts on 18 February 2013 and will end on 1 March 2013 (the subscription period may be shortened or extended). The minimum subscription of a single investor shall amount to PLN 220,000 (approx. €52,500).

The corporate bonds will have a maturity of 3 years and will be redeemed at 100% of the nominal value plus accrued and unpaid interest at maturity. The bonds will bear interest at a rate based on 6M WIBOR and a margin, paid semi-annually, on 30 September and 31 March each year after the issue date. The final interest rate will be determined after the subscription period.

The corporate bonds shall be offered and placed by means of a public offering in Poland (based on a prospectus exemption). Warimpex contemplates to apply for listing of the bonds on the Catalyst alternative trading system in Warsaw.

The Company intends to use the proceeds from the Offering for completion of current and developing new projects, and refinancing of existing indebtedness.

Warimpex intends to continue its successful business strategy. Among recent successes was a long-term lease agreement with Gazprom Invest Zapad, a subsidiary of OAO Gazprom: Gazprom Invest Zapad has rented 100% of the office space at AIRPORTCITY St. Petersburg. Furthermore, in December 2012, Warimpex and UBM Realitätenentwicklung AG have sold the Hotel InterContinental in Warsaw to WestInvest, a real estate fund of Germany's DekaBank group.

At a price of over € 100 million, the sale is the largest hotel deal ever in Poland. More recently, at the beginning of 2013 Warimpex has completed the construction works of Le Palais office building in Warsaw, and the opening is scheduled for February 2013.

75% of offices in the Le Palais office building are rented out and a preliminary sales agreement with an international institutional investor has been signed already.

"We believe in quality and sustainability as the basis for strong future growth. Over the past twenty-five years, Warimpex has developed properties worth over one billion euros. Our success, also during the last months, underlines the right basis for our strategy, i.e. developments in the CBD areas of significant agglomerations, developing of Warimpex own hotel brands like 4 star angelo as well as andel's and finally unique redevelopments of the historic monuments. Our success is based on highly profitable sales of our development projects" – said Franz Jurkowitsch, Warimpex CEO.

Source: Warimpex

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