Bonn, 18.12.2014
  • Actions of former members of Board of Management and Supervisory Board approved for 2012 financial year and 2013 short financial year
  • Court-appointed Supervisory Board members confirmed by election
  • CEO Ralf Jung clarifies: Institutional Funds will remain in IVG ownership

At yesterday's first Annual General Meeting of IVG Immobilien AG following the closure of insolvency proceedings, the shareholders followed the proposals made by management with more than 99.9 percent of the votes. In total, 99.92 percent of the Company's shareholders attended the meeting.

The actions of the former members of the Board of Management for the 2012 financial year and the 2013 short financial year were approved. Furthermore, the actions of all of the former members of the Supervisory Board for the 2012 financial year and the 2013 short financial year were approved as well. The members of the current Supervisory Board were confirmed in their positions by the election held yesterday. The members of the Supervisory Board and its Chairman, Dietmar Binkowska, were court-appointed in early September 2014 after the former members had stepped down from their positions as planned.

CFO Rolf Glessing discussed the financial statements for the 2012 financial year and the 2013 short financial year, which again illustrated the reasons for the insolvency plan proceedings and the restructuring of the company in the form of a debt-to- equity swap. As part of these proceedings, following a capital reduction to zero, the former creditors of IVG Immobilien AG became the new owners of the company by exchanging their receivables for shares in the company by way of a mixed cash and non-cash capital increase. This also resulted in the delisting of IVG Immobilien AG. As a result, the company's debt was reduced by around €2.3 billion. As set out in the plan, subordinated, non-collateralised creditors received at least 60 percent of their receivables.

In the general discussion, Ralf Jung, CEO of IVG Immobilien AG, also countered the market rumours of a planned sale of IVG Institutional Funds GmbH. "IVG Institutional Funds GmbH will remain in the ownership of IVG Immobilien AG," Jung clarified, adding that the examination of the strategic options had come to a clear conclusion. Jung explained that the division had been making a stable contribution to IVG Immobilien AG's consolidated earnings for a number of years. He added that, following the integration of asset and investment management functions and parts of the Group's former corporate functions, IVG Institutional Funds GmbH had already been successful in generating new investor groups and attractive business opportunities in its new form since 1 July 2014. "This was a step in the right direction," Jung commented. "And the opportunities for generating additional value potential are far from exhausted." Accordingly, IVG Immobilien AG will support the operating activities and further strengthen the entrepreneurial independence of its holding in its function as shareholder. "The initial response from investors to the new structure has been thoroughly positive," Ralf Jung continued. "We are confident that the consolidated earnings contribution from Institutional Funds will continue to grow sustainably."

Background information
The insolvency plan proceedings that were opened on 1 November 2013, which began with the application for the initiation of insolvency protection proceedings in August 2013, meant that it was not possible to hold an Annual General Meeting for the 2012 financial year until now. At the same time, the proceedings require that financial years be reported separately. Accordingly, the company yesterday reported on the 2012 financial year in full as well as the period from 1 January 2013 to 31 October 2013. The subsequent reporting periods, from 1 November 2013 until the closure of insolvency plan proceedings on 15 September 2014 and from 16 September 2014 until 31 December 2014, will be addressed at the next Annual General Meeting. A date for the next Annual General Meeting has yet to be decided.

About IVG Immobilien AG
The strategic core business of IVG Immobilien AG is the acquisition, management and sale of office properties in Germany. It is Germany's largest portfolio manager for office property with a portfolio of around EUR 3.5 billion. Its operating business is geared towards the profitable running and needs-driven optimisation of properties and active portfolio management with the aim of adding sustainable value to its own portfolio of property. In addition to this core business, IVG Immobilien AG holds key equity investments in the autonomous enterprises IVG Institutional Funds GmbH, a service provider for structured property products forinstitutional investors, and IVG Caverns GmbH, a company that builds, operates and rents underground oil and gas storage facilities.

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