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Real Estate Customers

As a member of UniCredit, we are one of the leading providers of real estate financing in Austria and the Eastern European countries and are therefore the ideal partner for developers and investors who are active in this region.

Our market leadership is also backed up by the numbers: We currently serve roughly 4,000 real estate customers in Austria. And with a financing volume of over EUR 10 billion and a market share of 30 per cent, our Real Estate division is one of the leading full-service providers in the Austrian real estate financing segment.

As true generalists, we support our customers in all phases of their projects – from defining a strategy to the selection of the optimal development or portfolio financing method all the way to the search for investors.

Services

  • Finance and all banking services such as accounts, payment transactions, interest rate hedging
  • Investments
  • Consulting
  • Property appraisal
  • Property realisation
  • Portfolio management

Our market knowledge allows us to provide realistic price assessments. As a result, we can actively assist you even in the planning phase. We will put together an attractive package for your real estate project using innovative approaches such as residual value models, fixed annuities and favourable refinancing models.

As a competent point of contact for all your needs, we are not only well-informed about the latest market developments, but also develop innovative, flexible financing models.

Property appraisal by Immobilien Rating GmbH

Immobilien Rating GmbH, a subsidiary of UniCredit, offers a broad spectrum of services, including the determination of the marketable sale price of properties and the preparation of appraisal reports and market analyses.

Core competences

  • Accurate property appraisal
  • Transparent representation of the opportunities and risks of properties and portfolios
  • A team of industry experts is responsible for the analysis and appraisal of properties throughout Austria and in 20 CEE countries. Objective, professional valuation is ensured through a uniform appraisal system.

Services

  • Market value appraisals and appraisal reports
  • Property analyses
  • Portfolio analyses
  • Market analyses
  • Profitability analyses
  • Market and property rating

Investment with Bank Austria Real Invest

Bank Austria Real Invest Immobilien-Management GmbH (a subsidiary of UniCredit Bank Austria AG) is the competence centre for real estate investments at Bank Austria (UniCredit) and is one of the leading companies in its sector.

The company’s business activities on the capital market include

  • Issuance and management of real estate investment products (open-ended real estate funds, closed-ended real estate investments, investment apartments and special real estate products)
  • Property management
  • Fiduciary management of investor assets

Bank Austria Real Invest Immobilien-Management GmbH is an active participant on the investment market as an investment and asset manager for fiduciary assets, as a bank with targeted investment strategies for equity investments and proprietary investments, and through equity interests in real estate companies.

Bank Austria Real Invest Immobilien-Management GmbH manages a property volume (assets under management) of roughly EUR 2.8 billion and is the market leader in the open-ended real estate fund segment, with a market share of roughly 51 % (source: Association of Austrian Investment Companies).

We will support you with our expertise in commercial and residential construction and put all of our strength into play as one of the leading providers of real estate financing in Austria and the CEE countries.

Real estate financing in Austria

Our financing solutions range from purchasing property all the way to building it from the ground up, and includes projects such as

  • Construction or purchase of apartment complexes with rented or owned units
  • Construction of office buildings
  • Purchase of property
  • Realisation of commercial projects (e.g. mixed-use developments)
  • Construction or purchase of shopping centres and specialist outlet centres (including parking garages)

Services

  • Investment financing for commercial properties
  • Financing of construction measures and development projects

International real estate financing

Bank Austria is your experienced partner for cross-border financing. In order to optimally support your activities in the CEE countries including Turkey, Bank Austria has established a special International Real Estate Finance competence centre in Vienna for its cross-border customers (who are based in Germany and plan to invest in Austria).

Bank Austria’s Commercial Real Estate department is the central point of contact for cross-border customers from Austria (companies headquartered in Austria). This department coordinates cross-border projects with the local partners.

Services

  • Structuring of conventional long-term financing for commercial properties
  • Development of complex financing structures for real estate portfolios covering one or more Central, Southern and Eastern European countries

Subsidised real estate financing

UniCredit has a long tradition of providing financing for residential construction, and especially for the subsidised construction of non-profit housing.

Our focus in subsidised financing for housing is on the provision of long-term mortgages. We ensure that we are able to offer competitive conditions by taking advantage of the legal framework conditions and the opportunities available on the capital market. Bank Austria offers comprehensive expertise in the following areas:

  • Housing subsidies (for new construction and renovation)
  • Housing law in Austria
  • Matters related to housing construction (e.g. contacts with funding agencies, advice on the optimal structure of subsidised financing, contractual matters)

Our services include advisory and consulting for the financing needs of:

  • Non-profit housing developers
  • Real estate trustees
  • Owners of rental apartment buildings

Real estate mezzanine capital

Bank Austria’s Real Estate division offers mezzanine capital as an equity surrogate or an interim financing instrument. Mezzanine financing is generally structured in the form of subordinated loans (between conventional subordinated debt financing and equity capital financing).

Typical characteristics

  • Considerable flexibility with regard to the term and repayment
  • Collateralisation in the form of future cash flows
  • Bullet repayment (apportionment through initial public offering, project implementation)
  • The bank participates in growth opportunities through an option agreement (increased return through “equity kicker”) or through a share in sales proceeds
  • Increased involvement with regard to information requirements on the part of the company receiving financing, the right to participate in decisions must remain similar to a conventional loan

We accompany professional construction companies, developers and private and institutional investors in all phases of complex commercial real estate projects and major investment projects – from defining a strategy to the selection of the optimal development or portfolio financing method all the way to the search for investors for large divestments. Our repertoire covers both conventional financing methods and the latest structured financing models.

Services

  • Innovative, made-to-measure financing solutions
  • Financial advisory for asset deals and share deals
  • Support in the procurement or apportionment of equity capital through investment funds or mezzanine capital
  • Advisory regarding capital market-oriented financing solutions and capital procurement options (bonds, IPOs)
  • Market and economic analyses
  • Consulting services in the areas of portfolio valuation, portfolio optimisation, property realisation, participation management, etc.
  • Support for risk management solutions (foreign exchange, interest rate and inflation risks)

UniCredit is the ideal platform for contacts between real estate companies, investors, potential tenants, chartered accountants, attorneys and public agencies. In addition, we are happy to structure and arrange financing, we offer outstanding solution expertise and we make our knowledge fully available to our partners.

Consulting products

Real estate funds

Bank Austria offers comprehensive expertise in the structuring of real estate funds, both as investment products and for the structuring of real estate portfolios.

Portfolio management

Our consulting focuses include the structuring of portfolios and the development of (partial) realisation strategies. This also applies to companies in the non-core real estate industry that own properties that are not essential for their business operations.

Debt capital and equity capital markets

UniCredit is one of the leading issuers in the bond segment. In addition, UniCredit develops and manages equity capital market solutions for international customers, including initial public offerings, secondary placements of large blocks of shares and the issuance of convertible and exchangeable bonds. Real Estate Investment and Consulting serves as an intermediary between real estate customers and the relevant experts at UniCredit.

Corporate real estate management

As a new business segment for banks and investors, CREM primarily deals with integrating capital market considerations and strategies into real estate financing in order to improve real estate investment yields and offer more flexibility compared to rigid, conventional credit-based financing. In the future, strategies for successful real estate investment will be increasingly influenced by capital market yields and corporate operating figures that are not strictly related to the real estate industry.

Market observation

We provide support in the strategic management of real estate portfolios with high-quality information and prepare well-founded trend forecasts for the real estate industry as well as current reports on various real estate segments (such as the office, residential and retail markets).

Real Estate Country Facts

Bulgaria and Romania – Not on the map for commercial property investors?

Economic conditions in both markets are excellent. Initial estimates suggest that real GDP growth was 3.7% in Romania and 3.0% in Bulgaria in 2015. Both countries are expected to record even faster growth this year and next, with private consumption one of the principal drivers of GDP expansion. This should boost retail turnover and in turn give shopping centres a lift. Bucharest’s office market is expanding rapidly and new space is also coming onto the market in Sofia. These new offices are generally classified as category A. Also new logistics properties offer in an environment of low vacancy rates and stable rents potential for investors.

Hungarian real estate market with recovery potential

The Hungarian real estate market was not a focus of attention of international investors and developers in the past few years. Recently, however, there have been signs of growing interest. In 2014, investment in commercial real estate rose by about 70% to almost EUR 500 million.

It is still difficult to assess the effect on market sentiment of the new economic-policy measures in the area of retail trade, including the ban on Sunday opening. Arguments in favour of Hungary’s real estate market include sound economic growth, attractive real estate yields and sustainable rent levels. This means that Hungary offers potential to anticyclical investors who are in search of yield. Developers may also find it worthwhile to realise projects.

Austria's real estate market - too small for the premier league?

In the low-interest-rate environment of the last years, real estate has become established as an important asset class. Investors looking for yield can no longer avoid considering property investments. Accordingly, the European real estate market is booming, and yields achievable on real estate have strongly declined. Also in Austria, yield compression is a fact. As of mid-2015, prime yields in the office sector reached 4.5%, those for Shopping Centers fell to slightly below 5%, and for retail parks slightly below 6%. Although with those yields the Austrian real estate market cannot quite keep up with the European premier league, this does guarantee it a place in one of the top leagues.

In our new Real Estate Country Facts Austria, we are not just looking at the investment market, but also provide you in the usual way with a review of economic activity, residential real estate and the office and retail markets.