Implenia to set up real estate company
Implenia intends to turn the Development Division into a real estate company and open up the portfolio to investors, the company announced at an investor day.
According to Implenia, the project development division is to become a leading real estate company. The aim is to generate continuous income in the medium term - instead of just selling the project developments that have been developed and approved for construction. To this end, Implenia intends to create a new investment vehicle with development projects from its own real estate portfolio and open it up to investors. They will be able to participate through share purchases and capital increases.
Implenia expects the investment vehicle to provide greater flexibility in financing through equity and debt, which in turn should enable stronger growth of the development platform.
Structurally, this investment vehicle is to be set up as a pure real estate company managed by a real estate management unit within Implenia, the statement continues. The management unit will be responsible for project, portfolio and real estate asset management.
Implenia intends to contribute around 25% of its existing real estate portfolio to the new company - at a market value of over CHF 100 million. Over time, the company intends to hold only a minority stake in the new real estate company, it adds. The company is currently not to be listed, but a separate IPO could be considered once the company has reached a larger volume.
Implenia also confirmed its EBITDA target for 2019 of over CHF 150 million (excl. IFRS 16) before strategy implementation costs of around CHF 20 million, as already communicated in the half-year report. The medium-term EBITDA target margin is expected to be between 5.25% and 5.75% (excl. IFRS 16). (ah)
