Immofinanz

The company focuses its activities on the retail and office segments and operates in the markets of Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, Poland, and the Adriatic region.In 1990, Constantia Privatbank and Bankhaus Schoeller & Co founded the company C&S Immobilien Anlagen AG, which was subsequently listed on the stock exchange in 1991.[14] During the 2008 financial crisis, Immofinanz experienced a significant decline in its market capitalization, losing over 95% of its value, and recorded a pre-tax loss of approximately 2.65 billion Euros.[32] In January 2022, CPI Property Group (CPIPG) made a preemptive mandatory offer to the shareholders and holders of the convertible bond 2017-2024 of IMMOFINANZ.As a result, the assets and liabilities of S Immo were consolidated into IMMOFINANZ's financial statements from December 31, 2022, and the profit and loss positions were incorporated from March 31, 2023.As a result, the assets and liabilities of S Immo were consolidated into IMMOFINANZ's financial statements from December 31, 2022, and the profit and loss positions were incorporated from March 31, 2023.[43] The BUWOG affair refers to the suspicion that the former CEO of Immofinanz, Karl Petrikovics, obtained unlawfully information about the highest bid of competitors during the purchase of 60,000 federal apartments in 2004.It is alleged that he did so by paying a commission of 9.6 million Euros to the PR consultant Peter Hochegger and the lobbyist and former FPÖ politician Walter Meischberger.[44] The Vienna Public Prosecutor's Office has initiated several proceedings in the case for suspected breach of trust, including against the former Minister of Finance, Karl-Heinz Grasser.On July 21, 2016, the Economic and Corruption Prosecutor's Office announced that it would bring charges against Karl-Heinz Grasser, Peter Hochegger, Walter Meischberger, Ernst Plech, and twelve other individuals in the BUWOG and Terminal Tower cases.