TriGránit: leading property developer in the east
In August 2006 the IMMOFINANZ subsidiary IMMOEAST acquired a 25% stake in the Hungarian TriGránit Holding. With a purchase price of approximately EUR 400 million, this transaction represents the largest single investment by the IMMOFINANZ Group since the acquisition of BUWOG in 2004.
TriGránit has been active in Central, Eastern and South-eastern Europe for roughly ten years, and has established a position as the leading property developer in the region.
The TriGránit development portfolio covered objects with a value of roughly EUR 8 billion in 11 countries at the end of April 2007. Business activities focus primarily on multi-functional urban development projects and large shopping centres. TriGránit also pursues assignments in the office sector as well as the construction of residential properties, hotels and recreation facilities, infrastructure and conference centres. TriGránit was also one of the first companies to carry out projects in Central and Eastern Europe within the framework of public-private partnerships. This form of cooperation between federal and municipal authorities is expected to become more important over the coming years.
At the start of 2007 TriGránit concluded a highly unusual transaction in Russia by signing a framework agreement for the realisation of 30 urban development projects in major Russian cities together with Gazprombankinvest, a member company of the Gazprom Group. The volume of this development programme will total at least EUR 5 billion. It will also provide IMMOEAST with excellent opportunities for further investments on the Russian market. However, the TriGránit pipeline also contains interesting projects in other countries, such as the Zagreb Arena in Croatia, the Bonanka City Center in Krakow (Poland) and the Passanger Center in Ljubljana (Slovenia).
Size, earning power and market potential as well as the outstanding reputation of TriGránit on the capital markets make an initial public offering (IPO) by this company a realistic option. This possibility is currently under evaluation and, according to current plans, an IPO by TriGránit in 2009 is conceivable.
TriGránit has been active in Central, Eastern and South-eastern Europe for roughly ten years, and has established a position as the leading property developer in the region.
The TriGránit development portfolio covered objects with a value of roughly EUR 8 billion in 11 countries at the end of April 2007. Business activities focus primarily on multi-functional urban development projects and large shopping centres. TriGránit also pursues assignments in the office sector as well as the construction of residential properties, hotels and recreation facilities, infrastructure and conference centres. TriGránit was also one of the first companies to carry out projects in Central and Eastern Europe within the framework of public-private partnerships. This form of cooperation between federal and municipal authorities is expected to become more important over the coming years.
At the start of 2007 TriGránit concluded a highly unusual transaction in Russia by signing a framework agreement for the realisation of 30 urban development projects in major Russian cities together with Gazprombankinvest, a member company of the Gazprom Group. The volume of this development programme will total at least EUR 5 billion. It will also provide IMMOEAST with excellent opportunities for further investments on the Russian market. However, the TriGránit pipeline also contains interesting projects in other countries, such as the Zagreb Arena in Croatia, the Bonanka City Center in Krakow (Poland) and the Passanger Center in Ljubljana (Slovenia).
Size, earning power and market potential as well as the outstanding reputation of TriGránit on the capital markets make an initial public offering (IPO) by this company a realistic option. This possibility is currently under evaluation and, according to current plans, an IPO by TriGránit in 2009 is conceivable.
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