Obbligazione CAI Immobilien AG 2.75% ( AT0000A1JVU3 ) in EUR

Emittente CAI Immobilien AG
Prezzo di mercato 100 EUR  ▼ 
Paese  Austria
Codice isin  AT0000A1JVU3 ( in EUR )
Tasso d'interesse 2.75% per anno ( pagato 1 volta l'anno)
Scadenza 16/02/2023 - Obbligazione č scaduto



Prospetto opuscolo dell'obbligazione CA Immobilien Anlagen AG AT0000A1JVU3 in EUR 2.75%, scaduta


Importo minimo 1 000 EUR
Importo totale 150 000 000 EUR
Descrizione dettagliata CA Immobilien Anlagen AG č una societā immobiliare austriaca quotata in borsa specializzata in investimenti e gestione di proprietā commerciali in Europa.

The Obbligazione issued by CAI Immobilien AG ( Austria ) , in EUR, with the ISIN code AT0000A1JVU3, pays a coupon of 2.75% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 16/02/2023








PROSPECTUS


CA Immobilien Anlagen Aktiengesellschaft
(incorporated as joint stock company (Aktiengesellschaft) under the laws of the Republic of Austria, FN 75895k)
Offering of EUR [] []% Bonds due 2023
ISIN AT0000A1JVU3
Issue Price: [] %
This offering (the "Offering") consists of (i) an offer to the public in the Grand Duchy of Luxembourg ("Luxembourg"), the
Republic of Austria ("Austria") and the Federal Republic of Germany ("Germany") of EUR [] []% 2016-2023 bonds in
bearer form with a denomination of EUR 1,000.00 each (the "Bonds") and (ii) an offering of the Bonds to selected institutional
investors outside of Luxembourg, the Republic of Austria and Germany. CA Immobilien Anlagen Aktiengesellschaft,
Mechelgasse 1, 1030 Vienna, Republic of Austria (the "Issuer" or "CA Immo" and together with its fully consolidated group
companies, the "Group") will issue the Bonds on February 17, 2016 (the "Issue Date"). The Bonds will bear interest from and
including February 17, 2016 to, but excluding, February 17, 2023 at a rate of []% per annum, payable annually in arrears on
February 17 of each year, commencing on February 17, 2017.
The reoffer price, at which institutional investors may buy the Bonds (the "Reoffer Price"), the issue price, at which retail
investors may subscribe the Bonds (the "Issue Price") and the aggregate principal amount of the Offering will be determined by
the Issuer after consultation with the Joint Lead Managers and Bookrunners (as stated below) in the course of a bookbuilding
procedure on or about February 10, 2016. The Issue Price of the Bonds is expected to range between 98% and 102% of the
nominal amount of the Bonds. The interest rate, the aggregate principal amount, the Reoffer Price, the Issue Price, the issue
proceeds and the yield of the issue will be included in a pricing notice, filed with the Commission de Surveillance du Secteur
Financier of Luxembourg ("CSSF") and published in accordance with Article 10, 16 (2) and (3) of the Luxembourg Act dated
July 10, 2005 on the prospectuses for securities (Loi du 10 juillet 2005 relative aux prospectus pour valeurs mobiličres, the
"Luxembourg Prospectus Law") on the website of the Luxembourg Stock Exchange (www.bourse.lu) prior to the beginning
of the Offer Period as defined below on or around February 11, 2016. The Bonds will be governed by the laws of Austria.
The Bonds will be represented by a modifiable global note (global note pursuant to § 24 lit b of the Austrian Depot Act) (the
"Global Note"). This prospectus (the "Prospectus") constitutes a prospectus within the meaning of Article 5.3 of Directive
2003/71/EC of the European Parliament and of the Council of November 4, 2003 (the "Prospectus Directive") as amended
from time to time. This Prospectus, any supplement thereto and all documents incorporated by reference will be published in
electronic form on the website of the Luxembourg Stock Exchange ("Luxembourg Stock Exchange") (www.bourse.lu) and of
the Issuer (www.caimmo.com).
This Prospectus was drawn up in accordance with Annexes IV, V, XXII, XIX and XXX of the Commission Regulation (EC) No
809/2004 of April 29, 2004 as amended (the "Prospectus Regulation") and has been approved by the CSSF in its capacity as
competent authority under the Luxembourg Prospectus Law. By approving this Prospectus, CSSF gives no undertaking as to the
economic and financial soundness of the operation or the quality or solvency of the Issuer. The Issuer will prepare and make
available an appropriate supplement to this Prospectus if at any time the Issuer will be required to prepare a prospectus
supplement pursuant to Article 13 of the Luxembourg Prospectus Law. The Issuer has requested CSSF to provide the competent
authorities in Germany and Austria and may request CSSF to provide competent authorities in additional host Member States
within the European Economic Area with a certificate of approval attesting that the Prospectus has been drawn up in accordance
with the Luxembourg Prospectus Law.
Prospective investors should be aware that an investment in the Bonds involves certain risks and that, if certain risks, in
particular those described in the chapter "Risk Factors" occur, the investors may lose all or a very substantial part of
their investment.
This Prospectus does not constitute an offer to sell, or the solicitation of an offer to buy Bonds in any jurisdiction where such
offer or solicitation is unlawful. The Bonds have not been and will not be registered under the United States Securities Act of
1933 as amended (the "Securities Act") and are subject to U.S. tax law requirements. The Bonds may not be offered, sold or
delivered within the United States or to, or for the account or benefit of, U.S. persons. For a further description of certain
restrictions on the offering and sale of the Bonds and on the distribution of this document, see "Selling Restrictions" below.
With respect to the Bonds application has been made to the Luxembourg Stock Exchange for the Bonds to be listed on the
Official List of the Luxembourg Stock Exchange (the "Official List") and to be admitted to trading on the Luxembourg Stock
Exchange's Regulated Market, and application will be made for admission to and trading on the Second Regulated Market
(Geregelter Freiverkehr) of the Vienna Stock Exchange on or the Issue Date. The Regulated Market of the Luxembourg Stock
Exchange and the Second Regulated Market (Geregelter Freiverkehr) of the Vienna Stock Exchange are regulated markets for
the purposes of the Market and Financial Instruments Directive 2004/39/EC of the European Parliament and of the Council of
April 21, 2004 on markets in financial instruments.
Joint Lead Managers and Bookrunners
UniCredit Bank Austria AG
Raiffeisen Bank International AG
The date of this Prospectus is February 2, 2016



NOTICE
This Prospectus is to be read in conjunction with any supplement hereto and with all documents which are
deemed to be incorporated herein by reference (see "Documents Incorporated by Reference"). This Pro-
spectus should be read and construed on the basis that such documents are incorporated by reference and
form part of the Prospectus.
The Issuer has confirmed to the Joint Lead Managers and Bookrunners UniCredit Bank Austria AG,
Schottengasse 6 ­ 8, 1010 Vienna, Austria, and Raiffeisen Bank International AG, Am Stadtpark 9, 1030
Vienna, Austria (each a "Joint Lead Manager" and together, the "Joint Lead Managers") that this Pro-
spectus contains all information which is necessary to enable investors to make an informed assessment
of the assets and liabilities, financial position, profit and losses and prospects of the Issuer and the rights
attaching to the Bonds which is material in the context of the issue and offering of the Bonds; that the
information contained in the Prospectus with respect to the Issuer and the Bonds is accurate and complete
in all material respects and is not misleading; that any opinions and intentions expressed in the Prospectus
are honestly held and based on reasonable assumptions; that there are no other facts with respect to the
Issuer or the Bonds, the omission of which would make this Prospectus as a whole or any of such infor-
mation or the expression of any such opinions or intentions misleading; that the Issuer has made all rea-
sonable enquiries to ascertain all facts material for the purposes aforesaid.
The Issuer will supplement this Prospectus in the event of any significant new factor, material mistake or
inaccuracy relating to the information included in this Prospectus in respect of the Issuer and/or the Bonds
which is capable of affecting the assessment of the Bonds and which arises or is noted between the time
when this Prospectus has been approved and the later of final closing of the public offer of the Bonds or
when trading of the Bonds on a regulated market begins.
No person is authorised to give any information or to make any representations other than those contained
in this Prospectus and, if given or made, such information or representations must not be relied upon as
having been authorised by or on behalf of the Issuer or the Joint Lead Managers. Neither the delivery of
this Prospectus nor any sale made hereunder shall, under any circumstances, create any implication that
there has been no change in the financial situation of the Issuer or the Group since the date of this Pro-
spectus, or, as the case may be, the date on which this Prospectus has been most recently supplemented,
or that the information herein is correct at any time since the date of this Prospectus or, as the case may
be, the date on which this Prospectus has been most recently supplemented.
Neither the Joint Lead Managers nor any other person mentioned in this Prospectus, except for the Issuer,
is responsible for the accuracy of the information and statements contained in this Prospectus or any other
document incorporated herein by reference. None of the Joint Lead Managers has independently verified
the Prospectus, and accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none
of them makes any representation, express or implied, or warranty or accepts any responsibility as to the
accuracy and completeness of the information contained in any of these documents. The Joint Lead Man-
agers have not independently verified any such information and accept no responsibility for the accuracy
thereof.
Each investor contemplating purchasing any of the Bonds should make its own independent investigation
of the financial condition and affairs, and its own appraisal of the creditworthiness of the Issuer. This
Prospectus does not constitute an offer of Bonds or an invitation by or on behalf of the Issuer or the Joint
Lead Managers to purchase any Bonds.
Prospective investors should be aware that an investment in the Bonds involves certain risks and
that if certain risks, in particular those described under "Risk Factors", occur, the investors may
lose all or a very substantial part of their investment.
Neither this Prospectus nor any other information supplied in connection with the Bonds should be con-
sidered as a recommendation by the Issuer or the Joint Lead Managers to a recipient hereof and thereof
that such recipient should purchase any Bonds. The distribution of this Prospectus and the offering, sale
and delivery of Bonds in certain jurisdictions may be restricted by law. Persons into whose possession
ii




this Prospectus comes are required to inform themselves about and observe any such restrictions. For a
further description of certain restrictions applicable in the European Economic Area in general, the United
States of America, the United Kingdom and Hong Kong, see "Selling Restrictions" below. In particular,
the Bonds have not been and will not be registered under the United States Securities Act of 1933, as
amended, and are subject to tax law requirements of the United States of America; subject to certain ex-
ceptions, Bonds may not be offered, sold or delivered within the United States of America or to U.S. per-
sons.
The legally binding language of the Prospectus is English; except for the terms and conditions of the
Bonds (the "Terms and Conditions") where the German language is legally binding. The English ver-
sion of the Terms and Conditions is shown in the Prospectus for additional information.
In this Prospectus all references to "EUR" or "Euro" are to the currency introduced at the start of the third
stage of the European economic and monetary union, and as defined in Article 2 of Council Regulation
(EC) No. 974/98 of May 3, 1998 on the introduction of the Euro, as amended, or any other official cur-
rency in Austria at the time when the relevant payment is due.
This Prospectus may only be used for the purpose for which it has been published.
This Prospectus may not be used for the purpose of an offer or solicitation by anyone in any juris-
diction in which such offer or solicitation is not authorised or to any person to whom it is unlawful
to make such an offer or solicitation.
IN CONNECTION WITH THE ISSUE OF THE BONDS, UNICREDIT BANK AUSTRIA AG AS THE STABILIZ-
ING MANAGER (THE "STABILIZING MANAGER") (OR PERSONS ACTING ON ITS BEHALF) MAY OVER-
ALLOT BONDS OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE PRICE OF THE BONDS
AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL. HOWEVER, THERE IS NO AS-
SURANCE THAT THE STABILIZING MANAGER (OR PERSONS ACTING ON ITS BEHALF) WILL UNDER-
TAKE STABILIZATION ACTION. ANY STABILIZATION ACTION MAY BEGIN AT ANY TIME AFTER THE
ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE BONDS AND, IF BEGUN, MAY
BE ENDED AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 DAYS AFTER THE IS-
SUE DATE OF THE BONDS AND 60 DAYS AFTER THE DATE OF THE ALLOTMENT OF THE BONDS. ANY
STABILIZATION ACTION OR OVER-ALLOTMENT MUST BE CONDUCTED BY THE STABILIZING MANAG-
ER (OR PERSON(S) ACTING ON ITS BEHALF) IN ACCORDANCE WITH ALL APPLICABLE LAWS AND
RULES.
FORWARD-LOOKING STATEMENTS
This Prospectus contains certain forward-looking statements. A forward-looking statement is a statement
that does not relate to historical facts and events. They are based on analyses or forecasts of future results
and estimates of amounts not yet determinable or foreseeable. These forward-looking statements can be
identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect",
"intend", "may", "plan", "predict", "project", "will" and similar terms and phrases, including references
and assumptions. This applies, in particular, to statements in this Prospectus containing information on
future earning capacity, plans and expectations regarding the Group's business and management, its
growth and profitability, and general economic and regulatory conditions and other factors that affect it.
Forward-looking statements in this Prospectus are based on current estimates and assumptions that the
Issuer makes to the best of its present knowledge. These forward-looking statements are subject to risks,
uncertainties and other factors which could cause actual results, including the Group's financial condition
and results of operations, to differ materially from and be worse than results that have expressly or im-
plicitly been assumed or described in these forward-looking statements. The Group's business is also
subject to a number of risks and uncertainties that could cause a forward-looking statement, estimate or
prediction in this Prospectus to become inaccurate. Accordingly, investors are strongly advised to read the
following sections of this Prospectus: "Risk Factors" and "Business Activities". These sections include
more detailed descriptions of factors that might have an impact on the Group's business and the markets
in which it operates.
iii




In light of these risks, uncertainties and assumptions, future events described in this Prospectus may not
occur. In addition, neither the Issuer nor any of the Joint Lead Managers assume any obligation, except as
required by law, to update any forward-looking statement or to conform these forward-looking statements
to actual events or developments.
The forward-looking statements contained in this Prospectus include all matters that are not historical
facts and include statements regarding the Issuer's intentions, beliefs or current expectations concerning,
among other things, the results of operations, financial condition, liquidity, prospects, growth, strategies
and dividend policy and the industry and markets in which the Issuer operates. By their nature, forward-
looking statements involve known and unknown risks and uncertainties because they relate to events, and
depend on circumstances, that may or may not occur in the future. Forward-looking statements are not
guarantees of future performance.
iv




TABLE OF CONTENTS

NOTICE ..................................................................................................................................................... ii
FORWARD-LOOKING STATEMENTS ................................................................................................ iii
SUMMARY ............................................................................................................................................... 1
GERMAN TRANSLATION OF THE SUMMARY ............................................................................... 20
RISK FACTORS ..................................................................................................................................... 41
PRESENTATION OF SELECTED FINANCIAL AND OTHER INFORMATION ............................. 70
BUSINESS ACTIVITIES ........................................................................................................................ 72
ECONOMIC ENVIRONMENT .............................................................................................................. 82
SHAREHOLDER STRUCTURE ............................................................................................................ 85
MANAGEMENT ..................................................................................................................................... 86
GENERAL INFORMATION ON THE ISSUER .................................................................................... 93
TERMS AND CONDITIONS OF THE BONDS .................................................................................... 96
TAXATION ........................................................................................................................................... 114
SELLING RESTRICTIONS .................................................................................................................. 123
GENERAL INFORMATION ................................................................................................................ 125
OFFER, SALE AND SUBSCRIPTION OF THE BONDS ................................................................... 127
DOCUMENTS INCORPORATED BY REFERENCE ........................................................................ 130
RESPONSIBILITY STATEMENT ....................................................................................................... 132
v





SUMMARY
Summaries are comprised of disclosure requirements known as "elements". These elements are num-
bered in Sections A ­ E (A.1 ­ E.7). This summary contains all of the elements which are required to be
included in a summary for securities and Issuers of this kind. As some elements are not required, there
may be gaps in the numbering sequence of the elements. Even where an element is mandatory for the
summary on account of the type of securities and issuer, it is possible that no relevant information can
be given regarding the element. In this case, a short description of the element is included in the sum-
mary together with the words "not applicable".
Section A ­ Introduction and Warnings
A.1
Warnings ............................... The following summary should be read as an introduction to the
Prospectus. Any decision by the investor to invest in the Bonds
should be based on a consideration of the Prospectus as a whole.
Where a claim relating to the information contained in the Prospec-
tus is brought before a court, a plaintiff investor might, under the
national legislation of the relevant member state of the European
Economic Area, have to bear the costs of translating the Prospectus
before legal proceedings are initiated. Civil liability attaches to
those persons who have tabled this summary, including any transla-
tion thereof, and applied for its notification, but only if this sum-
mary is misleading, inaccurate or inconsistent when read together
with the other sections of the Prospectus or it does not provide,
when read together with the other parts of the prospectus, key in-
formation in order to aid investors when considering whether to
invest in the Bonds.
A.2
Consent by the Issuer to

the use of the prospectus
by financial intermediaries ... The Issuer gives its express consent to the use of the Prospectus for
a subsequent resale or final placement of the Bonds in Austria and
Germany, by financial intermediaries between February 12, 2016
and February 17, 2016. Financial intermediaries can make a subse-
quent resale or final placement of Bonds during this period. Any
financial intermediary using the Prospectus has to state on its web-
site that it uses the Prospectus in accordance with the consent and
the conditions attached thereto. The Issuer accepts responsibility for
the content of the Prospectus also with respect to a subsequent re-
sale or final placement of securities by any financial intermediary
which was given consent to use the Prospectus; an exceeding liabil-
ity of the Issuer is excluded. No other conditions are attached to the
consent which are relevant for the use of the Prospectus. However,
the Issuer may revoke or limit its consent at any time, whereby such
revocation requires a supplement to the Prospectus. In the event of
an offer being made by a financial intermediary, the financial
intermediary will provide information to investors on the terms
and conditions of the offer at the time the offer is made.
Section B ­ Issuer
B.1
Legal and commercial

name ..................................... The legal name of the Issuer is "CA Immobilien Anlagen Aktien-
gesellschaft", the commercial name "CA Immo".
1



B.2
Domicile, legal form,

legislation, country of
incorporation ......................... The Issuer is an Austrian joint stock corporation (Aktiengesell-
schaft) incorporated in Austria, governed by Austrian law, having
its domicile in Mechelgasse 1, 1030 Vienna, Austria.
B.4b Known Trends of the Is-

suer and its industries ........... Apart from other developments (like economic growth, unemploy-
ment figures and purchasing power), the developments on the most
important real estate markets, in which it operates, are relevant for
the Issuer (sources: The sources for the information in this chapter
on the economic environment are Eurostat, the ECB, IMFM Deista-
tis, Bloomberg, The Economist, the Financial Times, the Central
Statistical Offices of Poland, Hungary, the Czech Republic and the
National Institute of Statistics in Romania. Information on property
markets is sourced on CBRE, European Investment Quarterly Mar-
ketView, Austria Investment (Q3 2015), Investmentmarktüberblick
Deutschland (Q3 2015), Jones Lang LaSalle, Pulse Prague, Office
Market Profile (Berlin, Frankfurt, Munich; Q3 2015) and CBRE,
Vienna, Budapest, Bucharest, Warsaw Office MarketView (Q3
2015)):
The real estate investment market
In the third quarter of 2015, the transaction volume on the European
investment market for commercial real estate rose to
EUR 66.1 billion, up 25% in comparison with the third quarter
2014. Germany reported a particularly significant increase in in-
vestment activity. High liquidity and a rising proportion of foreign
capital are conspicuous on the German market, a development driv-
en by capital inflows from the dollar zone and the commitment of
Asian investors.
The investment volume in Germany rose to EUR 14.1 billion in the
third quarter of 2015, up EUR 2.1 billion on the second quarter of
2015 and EUR 5.6 billion on the third quarter of 2014 (+65%). The
investment focus remains on the Big 7 cities of Berlin, Düsseldorf,
Frankfurt, Hamburg, Cologne, Munich and Stuttgart. In the first
three quarters of 2015, office properties were not the strongest asset
class in Germany for the first time (accounting for just 27% of
transactions, with the retail sector reaching 61%). Peak yields for
offices have further decreased and stood at 4% in Berlin, 3.8% in
Munich and 4.4% in Frankfurt in the third quarter of 2015.
In the third quarter of 2015, the transaction volume in Austria stood
at EUR 557 million, 18% down on the second quarter figure. The
transaction volume has reached EUR 1.6 billion in the third quarter
of 2015. This value carried on rising in 2015, with the total invest-
ment volume exceeding the level of 2014. In the third quarter of
2015, the focus was clearly on offices (35%). The peak yield for the
office sector stood at 4.3%. Relatively subdued transaction activity
in the CEE region in the first half of the year picked up in the third
quarter of 2015, driven by increased activity in the Czech Republic
and Poland. During the third quarter of 2015, investment activity in
Poland increased by 65% to EUR 801 million (compared to EUR
485 million in the third quarter 2014); the Czech Republic reported
an increase of 230% to EUR 1.1 billion (compared to EUR 326
2



million in the third quarter 2014). Investment activity in the other
countries of Eastern Europe fell by 55% to approximately EUR 542
million (EUR 1.1 billion in the second quarter 2014).
The office property markets
The majority of European office markets recorded a decline in va-
cancy rates in the third quarter of 2015. Most of the largest German
markets reported an increase in take-up against the figures for the
same period of 2014. In the third quarter of 2015, transactions cov-
ered 775,000 mē of floor space across Germany.
Lettings performance in Berlin improved to 583,500 mē in the third
quarter of 2015, while the vacancy rate declined to 6.6% and is
expected to fall further. The peak monthly rent in Berlin was
EUR 23.00/mē, while the weighted average rent was EUR 14.71/mē
per month.
Office space take-up in Frankfurt stood at 105,000 mē in the third
quarter of 2015 (up 12% on the second quarter of 2014). A small
number of projects are in the completion pipeline (110,200 mē,
down 43% on the average for the last ten years). The peak monthly
rent stood at EUR 39.50/mē in the third quarter of 2015, up 4%
compared to the third quarter of 2014. The vacancy rate was 11.5%,
similar to year 2014, while the peak yield stood at 4.4%.
Office space take-up in Munich improved to more than 200,000 mē
in the third quarter 2015 compared to the first half of the year (and
an increase of 22% compared to the first three quarters of 2014),
while the peak monthly rent remained stable at EUR 33.50/mē. The
vacancy rate was unchanged at 6.4%.
Lettings performance in Vienna totalled 138,000 mē for the first
three quarters of 2015, slightly below the value of 2014. The vacan-
cy rate fell from 6.5 % in the second quarter of 2015 to 6.4%, while
the peak monthly rent remained stable at EUR 25.75/mē.
In Warsaw, office space take up reached a high of 222,600 mē in the
third quarter of 2015. The office project pipeline in the city is unu-
sually large, with 612,600 mē under construction at present. There
was a slight drop in the vacancy rate to 12.9%, although given new
office completions in 2016 the rate is predicted to grow.
In Budapest, the current vacancy rate continued to decline to 13.5%,
3.4% below the comparable value for 2014. Demand and thus take-
up fell back slightly. The peak monthly rent remained stable at
EUR 20/mē.
In Prague, 55,225 mē of rentable effective area was completed in the
third quarter of 2015. The average vacancy rate during the third
quarter was 16.4%, with the peak monthly rent stable at EUR 18.5-
19.5/mē.
Lettings performance in Bucharest improved to 72,000 mē in the
third quarter of 2015, with around 47% of lettings involving take-up
and 30% new demand. The current vacancy rate is reported at 13%.
The peak monthly rent was unchanged on the prior quarter at
EUR 18.5/mē, with the peak yield at 7.5%.
3



B.5
Description of the Group

and the position of the

Issuer in the Group ............... The Issuer is the parent company of an international real estate
group with its registered office in Vienna. The following graphic
shows the simplified organizational structure of the Issuer as at the
date of the prospectus:




Source: Internal data of the Issuer, as at the date of this Prospectus.

Material Subsidiaries

Registered
Name of the company


Capital share
office
CA Immo Deutschland GmbH

Frankfurt

100%
a.M.
Europolis GmbH

Vienna

100%








Source: Internal data of the Issuer, as at the date of this Prospectus.

Interests are held in project, property and management companies
in the regions Austria, Germany, the Czech Republic, Slovakia,
Hungary, Poland, Ukraine, Romania, Bulgaria, Croatia, Serbia and
Slovenia via the holding companies listed above.
B.9
Profit forecasts or esti-

mates ..................................... Not applicable. No profit forecasts or estimates are made by the
Issuer.
B.10 Qualifications in the audit
report ..................................... Not applicable. The annual financial statements and the annual con-
solidated financial statements have been provided with unqualified
audit opinions.
B.12 Selected key financial

information ........................... The following selected financial information of the Group was taken
or derived from the unaudited consolidated interim financial state-
ments as of September 30, 2015 and the audited consolidated annu-
al financial statements as of December 31, 2014 of the Issuer.



4




As of, and for the nine
As of, and for the
months ended
fiscal year ended
September 30,
December 31,

2015
2014(1)
2014(1)
2013(1)

All figures in EUR million, except explicitly
stated otherwise

unaudited
audited





Rental income ................................................................
111.7
................................
109.4
145.2 ................................
194.9
...................................................................
Net rental income ................................................................
98.1
................................
96.4
128.8 ................................
172.4
................................................................
Result from hotel operations ................................
0 ................................
.3
1.3
................................
1.8
1 ................................
.5
................................................
Trading result ................................................................
0.0
................................
-1.4
8................................
.7
9.9
.......................................................................
Income from services ................................................................
12.9
11.3 ................................
16.0
................................
14.0
.......................................................
Result from the sale of investment
properties................................................................
0.7................................

9.7
................................
29.8
58.6 ..............................................................................
EBITDA ................................................................
80 ................................
.5
96.3
................................
149.1
216.0 ................................

...............................................
Depreciation and
impairment/reversal
................................................................
-2.1
-3.1 ................................
-10.3
................................
-5.5
.......................................................
Result from revaluation ................................................................
78.5
2.5 ................................
-10.1
................................
-5.5
.......................................................
Result from joint ventures(2) ................................
30................................
.7
1.1
................................
8.2
26 ................................
.3
.................................................
EBIT................................................................................................
187.5
96.7 ................................
142.9
2 ................................
43.6
.....................................................
Financial result ................................................................
-53.0
................................
-52.1
-58 ................................
.3
-139.9
.....................................................................
EBT ................................................................................................
134.5
44.7 ................................
84.6
1................................
03.7
......................................................
Income tax ................................................................
-45.8 ................................
-9.7
................................
-13.8
-27.9 ............................................................................
Consolidated net income ................................................................
88.7
35.0 ................................
70.8
................................
75.8
......................................................





Total assets ................................................................
3,932.9 ................................
3,870.7
3,6................................
70.9
4,040.6 ...........................................................................
Shareholders' equity ................................................................
1,977.6
1,89 ................................
9.6
1,951.7
................................
1,794.3
.............................................................
Interest-bearing liabilities ................................
1 ................................
,427.3
1,448.5 ................................
1,229.1
1,7 ................................
10.9
.....................................................
Equity ratio (in %)(3) ................................................................
50.3
4 ................................
9.1
53.2
................................
44.4
.............................................................





Property investments ................................................................
69.0
127................................
.3
184.0
................................
368.7
............................................................
Cashflow from operating activities ................................
78.1
................................
79.9
99................................
.6
140.7
.......................................................................
Cashflow from investing activities ................................
120.9
................................
-178,7
-193................................
.1
479.5
.......................................................................
Cashflow from financing activities ................................
-194.5
................................
-163.0
-354................................
.2
-198.7
.......................................................................
Cash and cash equivalents ................................
1 ................................
63.5
351.1 ................................
163.7
61 ................................
3.4
....................................................





NOI margin (in %)(4) ................................................................
87.9
88................................
.2
88.7
................................
88.5
............................................................





Basic earnings per share (in EUR)................................
0.90
................................
0.38
0 ................................
.76
0.86
........................................................................
Diluted earnings per share (in EUR) ................................
0.90
................................
0.38
0.76................................

0.80
....................................................................
Book value per share (in EUR)(5) ................................
20.36 ................................
19.75
1 ................................
9.75
19.36
..........................................................................
Operating cash flow per share (in
EUR) ................................................................................................
0.75
0.90
................................
1.07
1 ................................
.60
...................................................





Property assets(6) ................................................................
3,171.0
2................................
,704.1
2,693.7 ................................
2,707.5
...................................................................
thereof development assets and
undeveloped land ................................................................
375.6
467................................
,2
496.3
................................
400.1
............................................................


(1)
Due to the change of the control concept in IFRS 10 and 11, effective with Jan-
uary 1, 2014 a change of accounting method was made. The most significant ef-
fect of the new standards is that a number of companies, which previously have
been consolidated as jointly controlled companies on a pro rata basis, or, com-
panies, which previously have been fully consolidated giving consideration to
non-controlling interests are now consolidated using the equity method. This re-
sults in the elimination of the respective companies' previous contribution to the
various line items in the consolidated income statement and the consolidated
statement of financial position. Instead, all assets and liabilities of jointly con-
trolled companies are summarised under one line item and reported as interests
in jointly controlled companies in the consolidated statement of financial posi-
tion. This results in particular in lower total assets. In the table above, for the
comparative period from January 1, 2013 to December 31, 2013, the new stand-
ards IFRS 10 and 11 have been applied retroactively, while in the German lan-
guage audited consolidated financial statements as of December 31, 2013 these
standards had not yet been applied.
(2)
The results of jointly controlled companies consolidated under the equity meth-
od are reported under "Results from joint ventures" in the consolidated income
statement, which is included in EBIT (and not in EBITDA).
(3)
The equity ratio is the ratio of equity to total assets.
(4)
The NOI (net operating income) margin expresses the ratio of net rental income
to rental income and is an efficiency indicator for income-producing investment
properties.

5