IMMOFINANZ
Corporate brand
UnclaimedAn Austrian commercial real-estate company focused on office and retail properties in Central and Eastern Europe.
Last updated August 31, 2026
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Overview
IMMOFINANZ is an Austrian commercial real-estate company headquartered in Vienna. Its business centers on acquiring, developing, owning and managing income-producing properties, especially retail parks, shopping centers and office buildings. The company operates primarily in Austria and other Central and Eastern European markets, with additional activity in Germany and the Adriatic region. Its portfolio and operating model have changed considerably over time: the group expanded rapidly through acquisitions in the 1990s and 2000s, endured a severe financial and governance crisis during the global financial crisis, and later refocused on a more concentrated commercial-property strategy. The business began in 1990 as C&S Immobilien Anlagen AG, established by Constantia Privatbank and Bankhaus Schoeller & Co. It entered the stock market in 1991 and adopted the Immofinanz name after Bankhaus Schoeller withdrew in 1994. During its early expansion, the company acquired significant Austrian properties, including Business Park Vienna and the City Tower Vienna, and built exposure to parking facilities and residential real estate. The establishment and listing of Immoeast marked a major step into Central and Eastern Europe, beginning with Hungary and later extending to Romania, Slovakia, Russia and other markets. Immofinanz also became a substantial residential owner through its 2004 acquisition of BUWOG, which brought approximately 20,000 residential units and a stake in ESG Villach. It subsequently acquired large property portfolios in Italy and pursued a range of international investments. In 2008, the company internalized parts of its management structure by acquiring the real-estate division of Constantia Privatbank. The same year, however, the global credit crisis caused a collapse in market capitalization, acute liquidity pressure and a multibillion-euro pre-tax loss. The crisis was followed by management changes, criminal proceedings involving former leaders and a restructuring of the group. Immofinanz merged with Immoeast in 2010, creating the consolidated Immofinanz Group. It later spun off BUWOG, which became an independent residential property company and was acquired by Vonovia in 2018. Under CEO Oliver Schumy, appointed in 2015, the company emphasized office and retail assets and reduced the complexity of its earlier portfolio. Immofinanz also accumulated a stake in CA Immobilien Anlagen but abandoned plans to combine the businesses and sold the stake in 2018. It exited Russia after deciding to divest its Russian retail portfolio in 2016. The company expanded its relationship with S Immo AG after first acquiring a significant minority stake in 2018. In December 2022, it acquired additional S Immo shares from CPI Property Group and reached a majority position of 50 percent plus one share. S Immo was subsequently consolidated in Immofinanz's financial reporting. In 2022, CPI Property Group became the controlling shareholder of Immofinanz through a mandatory offer and later increased its holding to approximately 76.9 percent according to the cited ownership disclosure. IMMOFINANZ's principal operating brands include Stop Shop, a retail-park format serving smaller and medium-sized catchment areas; VIVO!, a shopping-center concept; and myhive, an office-building brand used mainly in Central and Eastern European capitals. At 31 December 2022, the company reported managed real-estate assets of approximately EUR 8.4 billion across 627 properties. The company remains a listed real-estate group, although its ownership is dominated by CPI Property Group.
History
Immofinanz was founded in 1990 as C&S Immobilien Anlagen AG by Constantia Privatbank and Bankhaus Schoeller & Co. The company was listed in 1991 and changed its name to Immofinanz Immobilien Anlagen AG in 1994 after Bankhaus Schoeller left the venture. Its first major phase of expansion concentrated on Austrian commercial property. In 1997, it acquired Business Park Vienna, later associated with the Vienna Twin Tower, and it acquired City Tower Vienna and residential assets in Houston in the following years. In 2000, the group also took full control of parking operator Wipark Garagen AG. The group began its Central and Eastern European expansion through Immoeast, a regional segment that started with investment in Hungary. Immoeast was listed in 2003. Immofinanz entered additional markets including Romania, Russia and Slovakia in the 2004/05 financial year, while ending its earlier US activities. In 2004, it acquired BUWOG, bringing approximately 20,000 residential units and a majority holding in ESG Villach. A large Italian portfolio leased to the Italian state was added during the 2005/06 financial year. In 2008, Immofinanz acquired the real-estate division of Constantia Privatbank, a transaction that helped internalize management. The global financial crisis then placed the group under severe pressure. Its market capitalization fell by more than 95 percent, the company recorded a reported pre-tax loss of approximately EUR 2.65 billion, and it faced a liquidity requirement of nearly EUR 500 million. Karl Petrikovics left the CEO role in October 2008 and was succeeded by Thomas Kleibl. Subsequent criminal proceedings concerning former managers resulted in prison sentences for Petrikovics and former supervisory-board chairman Schwager. The group pursued disposals and restructuring in response. Immoaustria was transferred to Immoeast in 2009, while Wipark was sold to a Wiener Stadtwerke subsidiary. Immofinanz and Immoeast merged on 29 April 2010. The resulting group later separated BUWOG, spinning off 51 percent in 2014; Vonovia acquired BUWOG in 2018. Oliver Schumy became CEO in 2015. The company under his leadership concentrated more strongly on office and retail properties, and historical investor claims were reported as settled out of court. Immofinanz bought approximately 26 percent of CA Immobilien Anlagen in 2016 and considered a merger, but the proposal was abandoned and the stake was sold in 2018. The company also decided in 2016 to sell its Russian retail portfolio and exited Russia in 2017. In 2018, it acquired approximately 29 percent of S Immo. Management changed again in 2020 when Schumy stepped down and Ronny Pecik became CEO. Immofinanz carried out a capital increase during the COVID-19 crisis, which was criticized by the investor association IVA. Pecik resigned as CEO in 2021. In 2022, CPI Property Group gained control through a mandatory offer and subsequently reported a holding of approximately 76.9 percent. Immofinanz also increased its S Immo stake to a majority in December 2022, and S Immo became consolidated in the group's accounts. Radka Doehring joined the board in 2022 and Pavel Měchura in 2023. The company's reported commercial portfolio includes the Stop Shop, VIVO! and myhive formats, with approximately EUR 8.4 billion in managed assets across 627 properties at the end of 2022.
- 2022
CPI Property Group gains control
[1]CPI Property Group became the controlling shareholder following its mandatory offer.
- 2022
S Immo becomes a majority-owned investment
[1]Immofinanz increased its holding to 50 percent plus one share and began consolidating S Immo.
- 2018
S Immo stake acquired
[1]Immofinanz acquired approximately 29 percent of S Immo.
- 2017
Exit from Russia
[1]The company completed its withdrawal after divesting its Russian retail portfolio.
- 2016
CA Immobilien Anlagen stake acquired
[1]Immofinanz acquired approximately 26 percent and proposed a combination that was later abandoned.
- 2014
BUWOG partially spun off
[1]Immofinanz separated 51 percent of BUWOG.
- 2010
Immofinanz and Immoeast merge
[1]The merger created the consolidated Immofinanz Group.
- 2008
Financial crisis and management restructuring
[1]The company suffered a major financial shock, replaced its CEO and entered a broad restructuring period.
- 2004
BUWOG acquired
[1]The acquisition brought approximately 20,000 residential units and a majority stake in ESG Villach.
- 2003
Immoeast is listed
[1]The group's Central and Eastern European investment vehicle became publicly traded.
Products and positioning
A Central and Eastern European commercial-property owner and manager focused on standardized retail and office formats, portfolio consolidation and recurring rental income.
Retail parks · 2014
Stop Shop
Stop Shop is Immofinanz's standardized retail-park format for Central and Eastern European towns and cities. The concept targets catchment areas of approximately 30,000 to 150,000 residents and combines everyday retail, services and convenience-oriented tenants in accessible locations. The format has been used since 2014 and is intended to provide a repeatable development and management model across several national markets.
Shopping centers · 2005
VIVO!
VIVO! is Immofinanz's shopping-center brand for urban locations with a substantial regional catchment area. The brand has been used since 2005 and is positioned around retail, services and consumer amenities in cities with catchment populations of at least approximately 200,000. Its centers form part of the company's retail-property portfolio in Central and Eastern Europe.
Office buildings · 2016
myhive
myhive is Immofinanz's office-property brand, introduced for buildings in Central and Eastern European capitals. It is intended to create a recognizable, service-oriented office environment across a portfolio of business locations. The brand reflects Immofinanz's strategic emphasis on office assets alongside retail properties and supports the repositioning and standardized management of selected office buildings.
Residential real estate
BUWOG
BUWOG was Immofinanz's major residential-property subsidiary after its acquisition in 2004. The transaction added approximately 20,000 residential units and a majority holding in ESG Villach. Immofinanz later spun off 51 percent of BUWOG in 2014, and Vonovia acquired BUWOG in 2018, so it is no longer an Immofinanz operating brand.
Controversies
2020
Controversy over pandemic-era capital increase
Immofinanz announced a capital increase as a means of strengthening its capital base during the COVID-19 pandemic. The Austrian investor association IVA criticized the transaction as rushed and argued that the issue price was below book value, raising concerns about dilution and the treatment of smaller shareholders.
2008
Immofinanz financial and governance crisis
The global financial crisis caused an extreme fall in Immofinanz's market capitalization, a reported pre-tax loss of approximately EUR 2.65 billion and serious liquidity pressure. The episode also led to management changes and criminal proceedings against former senior figures, including former CEO Karl Petrikovics and former supervisory-board chairman Schwager.
2004
BUWOG affair
The BUWOG affair concerned allegations surrounding the sale of approximately 60,000 federal apartments. Prosecutors alleged that former Immofinanz CEO Karl Petrikovics obtained information about a competing bid through a commission paid to intermediaries. The broader proceedings also involved former finance minister Karl-Heinz Grasser and other defendants. A first-instance verdict in 2020 convicted Grasser, Walter Meischberger and Peter Hochegger, although appeals were reported.
Brand decisions
2022
Increase the S Immo stake to a majorityM&ABackground
Immofinanz had held approximately 29 percent of S Immo since 2018 and sought a larger ownership position within the CPI Property Group relationship.
Action taken
In December 2022, Immofinanz acquired 17,305,012 additional S Immo shares from CPI Property Group and reached 50 percent plus one share.
Aftermath
S Immo's assets and liabilities were consolidated from 31 December 2022, with profit and loss positions incorporated from 31 March 2023.
2020
Carry out a pandemic-era capital increaseOtherBackground
Immofinanz cited the COVID-19 pandemic and the need to strengthen its capital base as the context for the transaction.
Action taken
The company conducted a capital increase, which was publicly criticized by IVA as rushed and potentially unfavorable to smaller shareholders.
Aftermath
The transaction became a subject of investor criticism, particularly concerning issue pricing and shareholder dilution.
2016
Pursue and later abandon a CA Immobilien Anlagen combinationM&ABackground
Immofinanz acquired approximately 26 percent of CA Immobilien Anlagen and proposed a combination intended to create a very large continental European commercial-property group.
Action taken
The proposed merger was abandoned, and Immofinanz sold its entire CA Immobilien Anlagen stake in 2018.
Aftermath
The transaction did not result in a merger, and Immofinanz returned its focus to its own office and retail portfolio.
2016
Exit the Russian retail marketStrategyBackground
The company reviewed its geographic portfolio and sought to concentrate on core Central and Eastern European markets.
Action taken
Immofinanz decided to divest its Russian retail portfolio.
Aftermath
The company completed its exit from Russia in 2017.
2014
Spin off BUWOGStrategyBackground
Immofinanz was repositioning its portfolio and separating residential activities from its commercial-property strategy.
Action taken
The company spun off 51 percent of BUWOG.
Aftermath
BUWOG operated independently and was later acquired by Vonovia in 2018.
2010
Merge Immofinanz with ImmoeastM&ABackground
The group had developed separate Austrian and Central and Eastern European structures, with Immoeast serving as a regional investment vehicle.
Action taken
Immofinanz and Immoeast were combined on 29 April 2010 to form the Immofinanz Group.
Aftermath
The merger simplified the group structure after the financial crisis and created a consolidated real-estate platform.
Recent events
Reported
IMMOFINANZ announces STOP SHOP expansion in Croatia[2]
IMMOFINANZ announced plans to expand its STOP SHOP retail park presence in Croatia from four locations to more than 20 over the medium term, after securing 22 sites in medium-sized cities for development.
- Unconfirmed
Reported
VIVO! Baia Mare reopens after modernization[3]
VIVO! Baia Mare reopened more than 10,000 square meters of leasable area following modernization, with over 10 stores and a Lidl store opening in the centre. The reported investment was about €7 million.
Reported
Immofinanz expands STOP SHOP with acquired retail parks[4]
Immofinanz reported acquisitions of retail parks that expanded its STOP SHOP portfolio. The Voitsberg, Austria, purchase closed during the fourth quarter of 2020, and the acquisitions in Austria, the Czech Republic and Croatia had been finalized; the Serbian transaction was still expected to close in the first quarter of 2021.
Sources6 sources
- 1Immofinanzen.wikipedia.org
- 2IMMOFINANZ 宣布在克罗地亚扩展 STOP SHOPwallstreet-online.de
- 3VIVO! Baia Mare现代化改造后重新开业thediplomat.ro
- 4Immofinanz 通过收购零售园区扩展 STOP SHOPthediplomat.ro
- 5IMMOFINANZ acquires another retail park in Italy and expands market leadership in Europe - Business Reviewbusiness-review.eu
- 6IMMOFINANZ expands crisis-resilient STOP SHOP portfolio by eight locations to 98 properties - Business Reviewbusiness-review.eu
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