Sale of Shopping Center Planet Tuš successfully completed
HETA ASSET RESOLUTION AG (HETA) informs that the sale of the Shopping Center “Planet Tuš Koper” in Slovenia has successfully been completed today. The buyer is “Greenbay Investments d.o.o.”, Ljubljana. The purchase price was not disclosed.
Publication Interim Financial Report 2016
Result of the first six months 2016 and liabilities side structure importantly impacted by the effects of the FMA’s mandate notice II issued on 10th April 2016 Financial figures for Heta pursuant to UGB/BWG as at 30. June 2016: drop in total assets by EUR 0.4 billion to EUR 9.2 billion, period result after tax totals EUR +7.5 billion and undoes the previous negative equity. Interim financial assets for the HETA holding company pursuant to IFRS as at 30th June 2016: drop in total assets from EUR 11.2 billion to EUR 10.3 billion, result after tax at EUR +6.9 billion, positive equity at EUR +1.1 billion. Development during first six months: swift progress in portfolio reduction, costs below plan, successful completion of sales and re-payments in loan portfolio increase available liquidity from EUR 4.3 billion to EUR 5.3 billion.
Heta Asset Resolution Italia S.r.l. – Acquisition by affiliates of Bain Capital Credit
HETA ASSET RESOLUTION AG (HETA) informs that it has achieved significant progress in its wind down efforts and has successfully sold its affiliate in Italy.
Yesterday evening, 4 August 2016, HETA Asset Resolution GmbH (“HAR GmbH”), a 100% subsidiary of HETA ASSET RESOLUTION AG (“HETA”) and an Alternative Investment Fund advised by Bain Capital Credit (European Advisors), Ltd. signed a sale and purchase agreement for the sale and transfer of the entire interest in Heta Asset Resolution Italia S.r.l. (“HARIT”), including all outstanding loans granted by HETA to HARIT. Funds investing in the purchasing Alternative Investment Fund are managed or advised by Bain Capital Credit, LP (“Bain Capital Credit”), a leading global credit specialist, and an independently managed affiliate of Bain Capital, LLC.
HARIT (formerly known as Hypo Alpe-Adria Leasing S.r.l.) is a financial intermediary regulated by Banca d’Italia, duly enrolled in the New Single Register under Art.106 with its headquarters in Tavagnacco, Italy. With 90 employees, HARIT manages a portfolio with a Gross Book Value of EUR 657m (mainly represented by repossessed assets as well as performing and non-performing leasing contracts). Upon closing of the sale, HETA will no longer have operational activities in Italy.
Sebastian Schoenaich-Carolath, CEO of HETA ASSET RESOLUTION AG, said: “The sale of Heta Asset Resolution Italia S.r.l. is another important step in our aim to dispose of Heta’s assets by 2020 as effectively as possible whilst preserving value. As of today, we have sold 100% of the stakes of the company as well as our refinancing lines and the leasing licence and have drawn a clear line under our operations in Italy. With Bain Capital Credit, we succeeded in finding an internationally renowned financial investor for HARIT by utilizing the expertise of our highly specialized employees regarding the asset management and asset sales of the leasing portfolio.”
Alon Avner, a Managing Director and Head of the European business at Bain Capital Credit, said: “We are excited about the opportunity to enter the Italian non-performing credit and real estate markets with this investment.” Fabio Longo, a Managing Director and Head of the non-performing loan & real estate business at Bain Capital Credit, commented: “We are committed to becoming a leading investor in the Italian non-performing credit and real estate markets. We believe that this transaction will enable us to achieve this goal.”
The closing of the transaction is conditional upon the approval of the transaction by Banca d’ Italia. The divestment was conducted in an open, transparent and non-discriminatory international tender process.
PwC Austria and PwC Italia acted as financial advisers to HETA. Schönherr Rechtsanwälte GmbH and Chiomenti Studio Legale acted as legal advisers to HETA. EY acted as financial adviser to Bain Capital Credit. Cerved Credit Management and Etna Advisors acted as credit and asset valuation advisers to Bain Capital Credit. Linklaters and Wolf Theiss Rechtsanwälte GmbH acted as legal advisers and K2Real, REAG Debt Advisory Services - Duff&Phelps and CBRE acted as real estate advisers to Bain Capital Credit.
Heta successfully completes sale of hotel Holiday Inn Sarajevo
HETA ASSET RESOLUTION AG (Heta) informs that it has successfully completed a sales process of iconic hotel Holiday Inn Sarajevo on July 19th in a joint procedure with the bankruptcy trustee of “Holiday Sarajevo Hotelsko turisticko Drustvo Sarajevo d.o.o.” The buyer is “Europa d.d. za ugostiteljstvo i turizam”, Sarajevo. The purchase price was not disclosed.
Heta as the single largest creditor has been mandated in the enforcement proceeding by the respective court to set up an open, transparent and non-discriminatory tender process according to the best bidder principle for its collateral. Numerous interested parties participated in the sales process for the real estate.
Hotel Holiday Inn Sarajevo is situated in the centre of Sarajevo and was constructed in 1983 for the Winter Olympics. The former luxury hotel is an architecturally and historically important symbol of the capital of Bosnia and Herzegovina. In the following years it was used by the political parties as an important meeting place. At the height of Bosnian war, the Hotel gained an iconic status when international journalists filed news reports from the hotel while it was regularly shelled. The real estate complex comprises 250 accommodation rooms, 97 office spaces, 5 congress rooms as well as premises for restaurants, bars and shops.
CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH in cooperation with CMS Reich-Rohrwig Hainz d.o.o. acted as legal advisor for Heta in the tender process.
Centrice Real Estate GmbH – Acquisition by Lone Star Affiliate
HETA ASSET RESOLUTION AG (“HETA”) and its subsidiary CEDRUS Handels- und Beteiligungs GmbH today completed the sale of 100% of the shares in Centrice Real Estate GmbH (“Centrice”) and of outstanding loans granted by HETA to Centrice and its subsidiaries.
Publication of the annual and consolidated financial statements for 2015_Press release
- The annual financial statements pursuant to the Austrian Commercial Code (UGB)/Austrian Banking Act (BWG) (separate financial statements), which are of particular relevance to creditors, show an annual deficit for 2015 of EUR -492 million (2014: EUR -7,900 million), which was mainly caused by the Supreme Court’s rescission of the Hypo Alpe-Adria Restructuring Act (HaaSanG), as a result of which liabilities arose for the company in the amount of EUR -823 million. Particularly as a result of the payment moratorium in force, the balance sheet total remains almost unchanged at EUR 9.6 billion (2014: EUR 9.6 billion). The negative equity is EUR -7.5 billion (2014: EUR -7.0 billion).
- The consolidated financial statements according to IFRS show an annual result after taxes for 2015 of EUR -496 million (2014: EUR -7,418 million). The consolidated balance sheet total is reduced from EUR 12.0 billion in the previous year to EUR 11.2 billion. Nevertheless, and in accordance with the wind-down plan, loans and advances to customers and credit institutions before provisions were significantly reduced to EUR 10.2 billion (2014: EUR 12.7 billion) and the liquid funds were significantly increased to EUR 4.3 billion (2014: EUR 2.4 billion). The negative consolidated equity (excluding minority interests) is EUR -5.7 billion (2014: EUR -5.2 billion).
- On 10 April 2016 the Austrian Financial Market Authority (FMA), in its function as resolution authority, issued a further administrative decision, under which resolution measures as envisaged in the Federal Act on the Recovery and Resolution of Banks (BaSAG) are to be applied. This decision has no effect on the annual financial statements and consolidated financial statements for 2015, drawn up per 17 March 2016, since it is a non adjusting event in financial year 2016. The effects resulting from the administrative decision will be shown shortly on the company’s website, and will be taken into account in the interim consolidated financial statements for Heta per 30 June 2016.
- For 2016, Heta assumes a positive annual result, both at the level of the individual institution and at Group level.