Author: maik

Press release

Publication of inside information pursuant to Art. 17 of Regulation (EU) No. 596/2014
(Market Abuse Regulation)

VIB Vermögen AG launches open-ended real estate special fund with a volume of EUR 350 million – VIB Group intends to sell a portfolio with a total of 31 portfolio properties

VIB Vermögen AG, Tilly-Park 1, 86633 Neuburg/Donau (Germany), December 20, 2022

VIB Vermögen AG (“VIB”), Neuburg/Donau (ISIN: DE000A2YPDD0), is launching an open-ended special real estate fund VIB Retail Balance I (“Fund“) with a volume of EUR 350 million and an investment focus on food retail properties and specialist retail centers, and today decided to sell seven commercial properties from VIB’s existing portfolio to the Fund. A further 24 commercial properties are to be sold to the fund from the existing portfolio of its subsidiary BBI Bürgerliches Brauhaus Immobilien Aktiengesellschaft (“BBI“).

The fund’s total equity amounts to EUR 202 million. 49% of the fund’s equity is initially provided by VIB itself. The fund will be managed by IntReal Real Estate Kapitalverwaltungsgesellschaft mbH. The fund is expected to have a term of 10 years, with a target distribution yield of 4.9% p.a.. The real estate portfolio, which VIB will sell to the fund together with BBI, consists of local shopping centers, supermarkets and specialist stores in nine federal states.

The purchase price for the seven commercial properties of VIB will amount to around EUR 119 million and the purchase price for the 24 commercial properties from BBI’s portfolio to around EUR 189 million. The total transaction will lead to a disposal of annualized net rental income of around EUR 18 million from VIB Vermögen AG Group’s (“VIB Group“) (consolidated) income statement; this is offset by an expected income for VIB Group from the transaction of around EUR 65.6 million, of which around EUR 3 million will be received this year and the remainder in 2023. The VIB Group will take over the property management and thus generate ongoing management fees of an estimated EUR 1.2 million per year. With the sale of the properties by VIB Group, the VIB Group’s portfolio will be focused on the asset class logistics and light industry.

The purchase agreement for the sale of the real estate portfolio is to be notarized shortly. The execution of the purchase agreement is subject to the condition precedent of merger control clearance.

The Managing Board of VIB Vermögen AG

Contact
VIB Vermögen AG
Investor Relations:
Tilly Park 1
86633 Neuburg/Danube (Germany)
Tel.: + 49 (0)8431 9077-961
Fax: + 49 (0)8431 9077-1961
E-mail: ed.ga-biv@llehcs-sednal.ajna

Important note
This publication constitutes neither an offer to sell nor a solicitation to buy securities.

Insofar as this publication contains forward-looking statements, these do not represent facts and are identified by the words “will”, “expect”, “believe”, “estimate”, “intend”, “aim”, “assume” and similar formulations. These statements express intentions, views or current expectations and assumptions of the VIB Vermögen AG and the persons acting jointly with it. The forward-looking statements are based on current plans, estimates and forecasts which the VIB Vermögen AG and the persons acting jointly with it have made to the best of their knowledge, but do not make any statement about their future correctness. Forward-looking statements are subject to risks and uncertainties that are mostly difficult to predict and are usually not within the sphere of influence of the VIB Vermögen AG or the persons acting jointly with it. It should be taken into account that the actual results or consequences may differ significantly from those stated or contained in the forward-looking statements. The VIB Vermögen AG does not assume any obligation to update such forward-looking statements or to adjust them to future events or developments.

New structure in the Supervisory Board

VIB Vermögen AG: Professor. Dr. Gerhard Schmidt elected Chairman of the Supervisory Board – Ludwig Schlosser remains on the Supervisory Board

• Prof. Dr. Gerhard Schmidt elected Chairman of the Supervisory Board on 13 December 2022
• Ludwig Schlosser remains on the Supervisory Board and Chairman of the Supervisory Board of BBI Bürgerliches Brauhaus Immobilien AG and BHB Brauholding Bayern-Mitte AG

Neuburg/Danube, 15 December 2022 – At the Supervisory Board meeting on 13 December 2022, Professor Dr. Gerhard Schmidt was unanimously elected Chairman of the Supervisory Board. Mr. Ludwig Schlosser will continue to be a member of the Supervisory Board of VIB Vermögen AG. Likewise, he will continue his offices as Chairman of the Supervisory Boards of BBI Bürgerliches Brauhaus Immobilien AG and BHB Brauholding Bayern-Mitte AG.

“I would like to thank Mr. Schlosser for his many years of constructive work as Chairman of the Supervisory Board of VIB Vermögen AG, and I am very pleased that he will continue to be a member of the Supervisory Board with his extensive experience,” said Professor Dr. Gerhard Schmidt, Chairman of the Supervisory Board of VIB Vermögen AG.

Contact

Investor Relations:

VIB Vermögen AG
Anja Landes-Schell      
Tilly-Park 1 | 86633 Neuburg a.d. Donau
Tel.: + 49 (0)8431 9077-961 | Fax: + 49 (0)8431 9077-1961
E-Mail: ed.ga-biv@llehcs-sednal.ajna

Profile of the VIB Vermögen AG

VIB Vermögen AG is a medium-sized company specializing in the management of commercial real estate portfolios, which has been operating successfully for 25 years. The focus is on properties in the logistics/light industry and retail sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy: On the one hand, VIB acquires properties that have already been let, and on the other hand, it develops new properties from scratch in order to take them over permanently into its own portfolio and generate rental income from them. In addition, VIB holds interests in companies with real estate assets.

Corporate News
 

VIB Vermögen AG informs about the following announcement of an insider information (ad hoc) as of today at 14:30 hrs:

Announcement of an insider information due to Art. 17 der Verordnung (EU) Nr. 596/2014
 

VIB Vermögen AG resolves a capital increase against contribution in kind in the amount of EUR 4.87 million by way of using of authorized capital with exclusion of the subscription rights of the shareholders for the acquisition of a logistics real estate portfolio and of real estate management companies in the amount of altogether EUR 99 million from DIC Asset Group

VIB Vermögen AG, Tilly-Park 1, 86633 Neuburg/Donau, 24 November 2022

Management Board and Supervisory Board of VIB Vermögen AG (ISIN: DE000A2YPDD0) resolved today to increase the capital against contribution in kind in the amount of EUR 4,872,761.00 by issuing 4,872,761 new bearer shares by way of using the authorized capital with exclusion of the subscription rights of the shareholders for the acquisition of a total logistics package in the amount of EUR 99 million from DIC Asset Group (DIC Asset AG together with its subsidiaries) consisting of a logistics real estate portfolio in the amount of approximately EUR 56 million and of two real estate management companies in the amount of approximately EUR 43 million carrying out the management of logistics real estate for third parties.

DIC Asset Group companies were entitled to subscribe the new shares in exchange for their respective undertaking to contribute the shareholdings in real estate companies and the property in two real estates as well as the shareholding in the management companies. The acquisition of the logistics portfolio and of the both management companies strengthens sustainably the growth of VIB Vermögen AG to be the leading logistics real estate AG as well as increases the business model of the VIB Vermögen AG to the management of logistics real estate for third parties which provides a high level of liquidity.

The Management Board of VIB Vermögen AG

Contact

VIB Vermögen AG

Investor Relations:

Tilly-Park 1

86633 Neuburg/Donau

Tel.: + 49 (0)8431 9077-961

Fax: + 49 (0)8431 9077-1961

E-Mail: ed.ga-biv@llehcs-sednal.ajna

Important notice

This publication constitutes neither an offer to sell nor a solicitation to buy any securities.

Insofar as this publication contains forward-looking statements, these do not represent facts and are identified by the words “will”, “expect”, “believe”, “estimate”, “intend”, “aim”, “assume” and similar formulations. These statements express intentions, views or current expectations and assumptions of the VIB Vermögen AG and the persons acting jointly with it. The forward-looking statements are based on current plans, estimates and forecasts which the VIB Vermögen AG and the persons acting jointly with it have made to the best of their knowledge, but do not make any statement about their future correctness. Forward-looking statements are subject to risks and uncertainties that are mostly difficult to predict and are usually not within the sphere of influence of the VIB Vermögen AG or the persons acting jointly with it. It should be taken into account that the actual results or consequences may differ significantly from those stated or contained in the forward-looking statements. The VIB Vermögen AG does not assume any obligation to update such forward-looking statements or to adjust them to future events or developments.

Ordinary General Meeting 2022

VIB Vermögen AG: Ordinary General Meeting approves dividend of EUR 0.85 per share 

• Dividend increases by almost twelve percent to EUR 0.85 per share
• Management Board and Supervisory Board are discharged with a clear majority
• Court-appointed Supervisory Board members confirmed in office by election
• All items on the agenda approved in accordance with the recommendation of the administration
• Extension of the appointment of Mr. Rainer Hettmer as Management Board member until 30 June 2024

Neuburg/Danube, August 31, 2022 – Around 73% of the voting share capital was represented at this year’s Ordinary General Meeting of VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties. The joint proposal by the Management Board and the Supervisory Board to distribute a dividend of EUR 0.85 per no-par value share with dividend entitlement, either in cash or in shares, received a majority of 99.97%. This means that the dividend has increased by almost twelve percent compared to the previous year.

The actions of the Management Board members for the 2021 financial year, Mr Martin Pfandzelter and Mr Holger Pilgenröther, were ratified with an approval rate of 96.05 percent. All members of the Supervisory Board during this period were also discharged with a large majority. In addition, the members of the Supervisory Board appointed by the court as of 13 April 2022 as part of the takeover of the majority of shares in VIB Vermögen AG by DIC Asset AG, Prof. Dr. Gerhard Schmidt and Ms. Sonja Wärntges, were confirmed in office by their election.

BDO AG in Munich was elected as auditor for the fiscal year 2022 with a large majority. The proposals for the authorisation to acquire own shares and for the creation of new authorised capital also received a large majority. Based on the new authorised capital, up to 13,855,004 new shares can be issued.

“We are very pleased that our dividend proposal was approved by a large majority. This year we would like to thank our shareholders for their trust in VIB Vermögen AG with a payment of EUR 0.85 per no-par value share and, as in the previous year, leave it up to you to decide whether you would like to receive the dividend payment in cash or as a stock dividend. We are also pleased with the great support that our Supervisory Board members Ms. Sonja Wärntges and Prof. Dr. Gerhard Schmidt have received. Together with their colleagues on the Supervisory Board, Mr. Ludwig Schlosser and Mr. Jürgen Wittmann, they will perform their important tasks constructively and in a spirit of trust,” commented Dirk Oehme, VIB Vermögen AG’s Management Board.

In the subsequent constituent meeting of the Supervisory Board, Mr. Ludwig Schlosser was confirmed as Chairman of the Supervisory Board and Mr. Jürgen Wittmann as Deputy Chairman of the Supervisory Board. Mr. Rainer Hettmer’s appointment to the Management Board was extended until June 30, 2024.

The subscription offer will be published on 31.08.2022. The subscription price and ratio will be announced on 09.09.2022. All documents regarding the stock dividend are published at https://vib-ag.de/en/scrip-dividend.

Contact

Investor Relations:
VIB Vermögen AG
Anja Landes-Schell
Tilly-Park 1
86633 Neuburg/Donau
Tel.: + 49 (0)8431 9077-961
Fax: + 49 (0)8431 9077-1961
E-Mail: ed.ga-biv@llehcs-sednal.ajna

Profile of VIB Vermögen AG

VIB Vermögen AG is a medium-sized company specializing in the management of commercial real estate portfolios, which has been operating successfully for 25 years. The focus is on properties in the logistics/light industry and retail sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy: On the one hand, VIB acquires properties that have already been let, and on the other hand, it develops new properties from scratch in order to take them over permanently into its own portfolio and generate rental income from them. In addition, VIB holds interests in companies with real estate assets.

Half-year results 2022

VIB Vermögen increases gross rental income and doubles profit for the period

• Gross rental income grows by 5.2 percent to EUR 46.6 million
• Adjusted net income from ordinary activities increases by 10.1 percent and reaches EUR 21.7 million
• Profit for the period increases by 113.4 percent to EUR 35.2 million
• Outlook for fiscal year 2022 confirmed 

Neuburg/Danube, August 2, 2022 – VIB Vermögen AG, a company specializing in the development, acquisition and portfolio management of commercial properties, was able to further improve its key financial figures in the first half of 2022 despite the challenging market environment. The gross rental income generated in the amount of EUR 46.6 million marks the highest level that has been achieved within a half-year in the company’s almost 30-year history.

This increase of 5.2 percent (previous year period: EUR 44.2 million) is attributable to the additional rental income from the properties added to the portfolio during the reporting period. Annualized net rental amounts to around EUR 92.1 million. At the same time, the vacancy rate at Group level remained at a pleasingly low level of 1.4 percent. As of the balance sheet date on June 30, 2022, VIB Vermögen AG’s portfolio included 106 commercial properties with a leasable area of just under 1.3 million square meters.

Earnings and equity at record levels
Expenses for financing the portfolio were again reduced and amounted to EUR 6.4 million in the first half of 2022 (previous year: EUR 6.8 million). Adjusted for nonrecurring effects, net income from ordinary activities increased by 10.1 percent to EUR 21.7 million (previous year: EUR 19.7 million). Profit for the period increased significantly by 113.4 percent to just under EUR 35.2 million. The main reasons for this significant increase were the rise in net rental income, the successful sale of the share in the joint venture with WDP GmbH, and the improved interest expense.

Equity grew by EUR 35.7 million since year-end 2021 to EUR 635.3 million as of June 30, 2022 (December 31, 2021: EUR 599.6 million). The equity ratio increased to 45.0 percent as of the balance sheet date on June 30, 2022 (December 31, 2021: 42.3 percent).

Value of real estate portfolio increased further
The VIB Group’s real estate portfolio was revalued in the second quarter of 2022. The net asset value (NAV) as the company’s net asset value increased significantly to EUR 1.6 billion as of June 30, 2022 (December 31, 2021: EUR 813.2 million). Based on the 27,710,009 shares outstanding as of June 30, 2022, this corresponds to an undiluted NAV per share of EUR 58.06, compared with EUR 29.35 as of December 31, 2021. LTV (loan-to-value), the ratio of the amount used to finance investment property to its market value, decreased since the beginning of the year to 28.2 percent as of June 30, 2022 (December 31, 2021: 44.5 percent).

Funds from operations (FFO), as an indicator of the company’s operating cash flows, increased by 10.3 percent from EUR 28.5 million to EUR 31.4 million in the first half of the year. Accordingly, FFO per share also improved from EUR 1.03 to EUR 1.13.

During the reporting period, a number of milestones were achieved which will contribute to VIB Vermögen AG’s further growth in future. In January 2022, the extension of a logistics property in Schwäbisch Gmünd was completed and handed over on schedule, increasing the total usable space of the logistics property by 6,100 square meters to 22,500 square meters. In the course of the expansion, the lease contract was also extended to seven years.

In February 2022 the starting signal was given for the marketing of one of the largest development projects of VIB in recent years. The construction of the “NEXT HORIZON” project with a total usable area of around 79,000 square meters is planned on the 215,000 square meters site in Erding. The commercial space is suitable for a wide variety of uses. Three office buildings with a total area of 15,700 square meters are planned, as well as five construction fields with building areas for logistics/light industry-related development of 2,100 to 30,300 square meters . In addition, a parking garage with over 700 parking spaces is planned, which can gradually supply around 50% of the parking spaces with charging capacity and thus fully meet the requirements in terms of electromobility. The properties will be built in accordance with the strict criteria for achieving DGNB Gold sustainability certification. The heat supply via district heating will contribute to this.

Project pipeline grows to a total usable space of around 156,000 square meters
In the first half of the year, a fully developed plot of land in Ingolstadt measuring around 41,000 square meters was also acquired and merged with an adjacent existing plot of land belonging to VIB measuring around 10,000 square meters. A property in the logistics and light industry sector is to be built on the entire site. As a result, the current real estate pipeline continues to grow and includes projects with a total potential floor space of around 156,000 square meters. In addition to its own developments, the company is also continuously examining the possibility of expanding its real estate portfolio through targeted acquisitions.

“I am very pleased to report that we continued our growth trajectory in the second quarter of this year 2022 and are moving forward with several lucrative projects with approximately 156,000 square feet of usable space from our pipeline. The revaluation of our portfolio in the second quarter of 2022 impressively demonstrates the high quality of our buildings and the expertise of our property managers, who create value on a daily basis. In addition, the integration of VIB Vermögen AG into the DIC Asset Group is proceeding smoothly and according to plan, not least thanks to the great commitment of the employees,” said Dirk Oehme, CFO of VIB Vermögen AG.

Forecast for 2022 foresees further growth
The Management Board adheres to the forecast published for fiscal 2022. Provided the economic situation in Germany remains stable, it expects to be able to generate sales of between EUR 103 and 109 million. EBT adjusted for valuation effects and special items is expected to rise to between EUR 67 and 71 million. FFO from operations is expected to increase to between EUR 58 and 62 million in fiscal 2022. With regard to vacancy development, the Management Board expects this to remain in the low single-digit percentage range (December 31, 2021: 1.2 percent). Finally, the average interest rate on the loan portfolio is expected to remain virtually unchanged at the end of 2022 (December 31, 2021: 1.7 percent). 

The 2022 half-year report and a current company presentation are available for download at www.vib-ag.de.

Contact

Investor Relations:

VIB Vermögen AG

Petra Riechert     Tel. : + 49 (0)8431 9077-952

Tilly Park 1     Fax: + 49 (0)8431 9077-929

86633 Neuburg/Danube   E-Mail: ed.ga-biv@trehceir.artep

Profile of the VIB Vermögen AG

VIB Vermögen AG is a medium-sized company specializing in the management of commercial real estate portfolios, which has been operating successfully for 25 years. The focus is on properties in the logistics/light industry and retail sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy: On the one hand, VIB acquires properties that have already been let, and on the other hand, it develops new properties from scratch in order to take them over permanently into its own portfolio and generate rental income from them. In addition, VIB holds interests in companies with real estate assets.

Corporate News

Supervisory Board of VIB Vermögen appoints Mr. Nicolai Greiner as new Managing Board member from October 1, 2022 and Mr. Rainer Hettmer as Interim Managing Board member

Neuburg/Danube, June 29, 2022 – The Supervisory Board of VIB Vermögen AG, a company specialising in the development, acquisition and management of commercial real estate, has appointed Mr. Nicolai Greiner as a new member of the Managing Board with effect from October 1, 2022. For the period from 1 July to 30 September 2022, Mr Rainer Hettmer has been appointed to the Executive Board on an interim basis.

Mr. Nicolai Greiner holds a degree in real estate economics and knows the real estate business from the ground up. Starting with his training as a businessman for real estate and housing, he has acquired excellent expertise through his activities and further training, for example, at Deutsche Immobilien AG in Freiburg from 2007 – 2009 and at the Academy of the Real Estate Industry from 2013 – 2014. He has held management positions at various real estate companies and is currently still active as Managing Director of thallos Projektentwicklung GmbH.

Mr. Hettmer has been employed as Head of Financing and Investments at VIB Vermögen AG since January 2002 and has known the company since it was founded in 1993. Together with Mr. Oehme, he will manage the AG’s business until Mr. Nicolai Greiner, as a new member of the Managing Board, takes over the operative real estate area from 1.10.2022.

“I am very pleased that we have found a perfect solution with both gentlemen, both to drive forward the integration process in the DIC Group and to promote the growth of VIB as a leading real estate company for logistics properties,” explained Ludwig Schlosser, Chairman of the
Supervisory Board of VIB Vermögen AG.

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel. : + 49 (0)8431 9077-952
Tilly Park 1 Fax: + 49 (0)8431 9077-929
86633 Neuburg/Danube E-Mail: ed.ga-biv@trehceir.artep

Profile of the VIB Vermögen AG

VIB Vermögen AG is a medium-sized company specializing in the management of commercial real estate portfolios, which has been operating successfully for 25 years. The focus is on properties in the logistics/light industry and retail sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy: On the one hand, VIB acquires properties that have already been let, and on the other hand, it develops new properties from scratch in order to take them over permanently into its own portfolio and generate rental income from them. In addition, VIB holds interests in companies with real estate assets.

Corporate News

VIB Vermögen continues course of operational growth in first quarter of 2022

– First-quarter sales up 7.0 percent to EUR 26.5 million

– Adjusted EBT increases by 8.4 percent to EUR 17.1 million

– Funds from operations increase by 12.1 percent to EUR 15.7 million

– Realignment of activities in North Rhine-Westphalia

Neuburg/Danube, May 11, 2022 – VIB Vermögen AG, a company specializing in the development, acquisition and portfolio management of commercial properties, increased its revenues by 7.0 percent from EUR 24.8 million in the opening quarter of 2021 to EUR 26.5 million in the first quarter of 2022. Adjusted EBT increased by 8.4 percent from EUR 15.8 million to EUR 17.1 million. Consolidated net profit was EUR 11.3 million in the first quarter of 2022, compared with EUR 17.0 million in the same period of the previous year. This was due to one-off special effects as part of the acquisition of a majority stake in VIB Vermögen by the DIC Group.

At the end of the first quarter of 2022, VIB Vermögen’s real estate portfolio consisted of 109 properties with a total leasable area of around 1.3 million square meters. The vacancy rate remained at a low level of 1.9 percent. The operating cash inflow from letting, the funds from operations (FFO), increased by 12.1 percent compared to the same period of the previous year to EUR 15.7 million. Accordingly, FFO per share increased from EUR 0.51 to EUR 0.57.

The net asset value (NAV) was EUR 831.9 million as of March 31, 2022 (December 31, 2021: EUR 820.3 million). The so-called net reinvestment value, or NRV, which is decisive for the value of the long-term portfolio, was EUR 899.0 million as of March 31, 2022 (December 31, 2021: EUR 887.3 million ).

Due to the new majority shareholding at VIB Vermögen, the company will transfer its share in the joint venture to WDP NV/SA, Wolvertem. As a result of DIC Asset’s majority shareholding, VIB Vermögen can now access DIC Asset’s extensive network of regional partners, which has grown over many years. This results in synergy effects and the opportunity to exploit the growth potential of the local logistics market in an even more targeted manner.

“From the excellent business figures for the first quarter of 2022, it is once again clear what distinguishes VIB Vermögen – a profitable real estate portfolio combined with a stable business model and a very committed team. I am looking forward to my new task, to working with my colleagues and to the profitable further development of VIB Vermögen,” said Dirk Oehme, CFO of VIB Vermögen AG.

The full interim statement for the first quarter of 2022 is available at www.vib-ag.de

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel. : + 49 (0)8431 9077-952
Tilly Park 1 Fax: + 49 (0)8431 9077-929
86633 Neuburg/Danube E-Mail: ed.ga-biv@trehceir.artep

Profile of the VIB Vermögen AG

VIB Vermögen AG is a medium-sized company specializing in the management of commercial real estate portfolios, which has been operating successfully for 25 years. The focus is on properties in the logistics/light industry and retail sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy: On the one hand, VIB acquires properties that have already been let, and on the other hand, it develops new properties from scratch in order to take them over permanently into its own portfolio and generate rental income from them. In addition, VIB holds interests in companies with real estate assets.