Von der Heyden Group opens New Offices in Ukraine for multi-million euro Real Estate investments in Kyiv and Lviv

Von der Heyden Group, an international investment firm on the European Real Estate market with a value of over half a billion euro in aggregated invested assets, has opened new offices in Kyiv in Q4 2019 to establish multi-million euro investments in Ukraine. The Group is renowned for being a first mover in emerging markets, creating landmark Class A office buildings, running award winning hotels and delivering superior returns from real estate investment.

The Group, founded in Germany in 1989, will invest around €50 million in commercial and residential properties in Kyiv and Lviv during its preliminary phase, aiming to increase this to up to fourfold in its mid-term portfolio expansion in a favourable market.

“Ukraine’s market is rapidly maturing, as the country continues to strengthen its institutional framework and align its economy with that of the European Union. For these and other positive reasons it tops the Von der Heyden list in offering the right investment opportunities. As we have done in Poland, our Group intends to make a lasting mark in Ukraine by being one of the first international real estate investors.”– Robert Rottinghuis; Chief Executive Officer, Von der Heyden Group

The new offices in Ukraine marks the Group’s further expansion as an international private investment and real estate firm with representative offices in eight countries.

The Von der Heyden Group has appointed a local expert team, formed to expand the Group’s real estate portfolio led by Mr. Dmitry Havrylenko who assumes the role of Chief Executive Officer in Ukraine. Mr. Havrylenko until recently held the postion of National Director and head of the Ukrainian office of global investment management firm, Jones Lang LaSalle (JLL) and has been a valued counsellor to a number of  leading professional services and investment firms. Having attracted more than USD 1 bln for Ukrainian companies, the Group’s Ukraine office CEO comes with over 15 years of experience in investment banking, private equity and real estate investments.

Tatyana Yarmolitskaya, a real estate professional with over 15 years of experience in real estate finance, investments and asset management joins the Von der Heyden Group as Investment Director. Until recently Ms. Yarmolitskaya held the role of Head of Capital Markets at the Kyiv office of Jones Lang LaSalle (JLL).

Daniel Parsai, a lawyer by background with specialization in local and international taxation also joins the team as Legal & Tax Director, having worked on a variety of M&A and real estate transactions for multinationals and international institutional clients. Until recently Mr. Parsai held the role of Associate with the tax practice of  leading Ukrainian law firm, Arzinger.

VDHG Opens New Offices in Ukraine 24 01 2020 ENG
VDHG Opens New Offices in Ukraine 24 01 2020 UKR

 

Von der Heyden Group from Europe opens regional office in Kyiv, Interfax-Ukraine

Von der Heyden Group, an international investment firm on the European real estate market (Valletta, Malta), has opened its first regional office in Kyiv and plans to invest EUR 50 million in commercial and residential property in Kyiv and Lviv during its preliminary phase.
“Von der Heyden Group… has opened new offices in Kyiv in Q4 2019 to establish multi-million euro investments in Ukraine. The group… will invest around EUR 50 million in commercial and residential properties in Kyiv and Lviv during its preliminary phase, aiming to increase this to up to fourfold in its mid-term portfolio expansion in a favourable market,” the company said in a press release.
According to the report, the Von der Heyden Group has appointed a local expert team, formed to expand the group’s real estate portfolio led by Dmitry Havrylenko who assumes the role of Chief Executive Officer in Ukraine. Havrylenko until recently held the position of National Director and head of the Ukrainian office of global investment management firm, Jones Lang LaSalle (JLL). Ex-Head of Capital Markets at the Kyiv office of Jones Lang LaSalle (JLL) Tatyana Yarmolitskaya joined the Von der Heyden Group as Investment Director. Ex-Associate with the tax practice of leading Ukrainian law firm, Arzinger, also joined the team as Legal & Tax Director.

Von der Heyden Group reports its audited and consolidated Financial Statements for the period ended 31st December 2019 with a record turnover of EUR 25,883,596.

TIMAN Investments Holdings Limited (The Company/Group), the Von der Heyden Group Finance Plc’s guarantor, presented consolidated and audited annual accounts for the financial year ended 31st December 2019, reaching a record turnover of EUR 25,883,596, registering an 8.5% increase from 2018. The Company holds for capital growth and income generation, investments in 35 subsidiaries and associated companies around Europe, realising growth in revenues in all its four operating markets at the end of 2019.

The Group reported a net shareholders equity of EUR 44,260,068 (2018: EUR 44,908,977). During the year under review, the Group’s gross profit was of EUR 21,490,877 (2018: EUR 19,194,575), with an operating loss of EUR 2,629,288 (2018: EUR 1,514,709). Such loss reflects the recurring overhead costs of the Group’s structure, which historically is substantially exceeded by dividend income from subsidiaries and capital gains made with its investments.

During the year under review, EBITDA (calculated excluding share of profit from associate) amounted to EUR 3,387,218 (2018: a negative value of EUR 2,222,057), with the reclassification change of IFRS 16 the EBITDA measurement becomes more meaningful in measuring the Group’s performance. After accounting for investment income and finance costs, the Group registered a pre-tax loss of EUR 1,949,469 (2018: EUR 12,994,300 profit).

TIMAN Investments Holdings Ltd. recorded a strong free cash flow position of EUR 6,318,201 as at 31st December 2019, an increase of 66.15% from 2018 which stood at EUR 3,802,604. The Group’s financial performance has, for the second year been positively impacted by its associate Bogenhausener Tor Immobilien Sarl (BTI) having sold its second and last asset, the Blue Tower forming part of the Bavaria Towers office and hotel development in the city of Munich, Germany. The asset was sold in December 2019 to the leading asset manager on the German market Real IS consortium with the main shareholder Bayerische Versorgungskammer. The property was sold at a record yield of less than 3%, registering the highest rate of return on equity for the Group so far in its A-Class real estate portfolio. Though the main impact of the sale in the P&L was reflected already in 2018 due to a revaluation to fair market value at that time, the sale of this asset generated a share of profits, which amounted in 2019 to another EUR 3.1m.

Due to a planned restructuring in operations in light of a more robust market positioning, the Group’s hospitality chain IBB Hotel Collection did not reach the expected profit levels during 2019. The first two months of 2020 registered success in most budget targets across the 11 hotels in the Group. However, the unprecedented events caused by the worldwide COVID-19 pandemic have demanded further restructuring in its hotel portfolio by maintaining, strengthening, and prioritising hotels in markets that generate the most sustainable profitability.

The Von der Heyden Group also recorded a 37% increase in its total assets as at 31st December 2019 recorded at EUR 147,785,446 (2018: EUR 107,485,547). In line with the Von der Heyden Group’s continued growth strategy and as a renowned first mover in emerging markets, it has set up an asset management company with a team of highly skilled real estate professionals operating from its new office in Kyiv, Ukraine. The local real estate and asset management team will serve to launch attractive investment opportunities, working as the Group’s Asset Management arm in Ukraine and starting its first regulated real estate investment fund by the end of 2020. The fund will focus on realising the full potential of Ukrainian commercial and residential real estate market opportunities in Kyiv and Lviv to its investors.

The Von der Heyden Group has also expanded its geographic footprint to Sardinia with the launch of a real estate services arm in one of the world’s most exclusive luxury locations, Costa Smeralda, Sardinia, Italy. Von der Heyden Group Real Estate provides a specialist perspective and bespoke brokerage service in the real estate market to buyers and property owners.

Furthermore, the Group has acquired a 25% stake in a residential co-development project in the Algarve, Portugal, and also plans to undertake its first investment in the Montenegro residential real estate market in 2020.

The gearing ratio of the Group at the end of the year stood at 65.78% as opposed to 54.68% in 2018. The increase is not attributable to higher indebtedness by the Group but rather as a result of IFRS16 coming into force requiring the recognition of leases as liabilities in the Balance Sheet. The gearing ratio without the IFRS16 consideration would have been 51.89%. Furthermore, given that the Group does not grant corporate guarantees for hotel operating or real estate investment and development subsidiaries, the gearing ratio on a non-consolidated stand-alone basis stands at a mere 18.36%.

Chairman of the Von der Heyden Group Sven von der Heyden said:
The recent sale of one of the Group’s biggest real estate investments to date has led to a comfortable position of liquidity during such unprecedented times. This strength enables us to continue to focus on delivering a high return on the Group’s real estate developments and investment opportunities while ensuring a sustainable growth strategy in the restructuring of our hospitality Group, IBB Hotel Collection. The Von der Heyden Group’s capital growth is at the core of our strategy; as our asset management business expands beyond Ukraine, our mission is to continue to thrive for more positive operational results for our stakeholders.

 

Bob RottinghuisThe Group’s CEO Bob Rottinghuis adds: The current pandemic undoubtedly will have a long-lasting impact on (real estate) markets across the globe and the way people work going forward. It shows once more that the wellbeing of employees and their families as well as of business partners is critical at all times. Because of the flexibility of our staff, our business has continued in recent weeks without interruption, for which we are very grateful to them. Furthermore, timing is everything, both in buying and selling assets, as well as in starting new developments and business endeavours. The expansion of our activities and its resulting diversification, yet focus on our strengths, will further enhance our Group’s stable growth path in the remainder of this already unforgettable decade.

Press Release 30 04 2020 ENG final

Von der Heyden Group reports its audited and consolidated financial statements

TIMAN Investments Holdings Limited (the company/group), the Von der Heyden Group Finance Plc’s guarantor, presented consolidated and audited annual accounts for the financial year ended December 31, 2019, reaching a record turnover of €25,883,596, registering an 8.5 per cent increase from 2018.

The company holds, for capital growth and income generation, investments in 35 subsidiaries and associated companies around Europe, realising growth in revenues in all its four operating markets at the end of 2019.

The group reported a net shareholders equity of €44,260, 068 (2018: €44,908,977). During the year under review, the group’s gross profit was of €21,490,877 (2018: €19,194,575), with an operating loss of €2,629,288 (2018: €1,514,709).

Such loss reflects the recurring overhead costs of the group’s structure, which historically is substantially exceeded by dividend income from subsidiaries and capital gains made with its investments.

During the year under review, EBITDA (calculated excluding share of profit from associate) amounted to €3,387,218 (2018: a negative value of €2,222,057), with the reclassification change of IFRS 16 the EBITDA measurement becomes more meaningful in measuring the group’s performance. After accounting for investment income and finance costs, the group registered a pre-tax loss of €1,949,469 (2018: €12,994,300 profit).

TIMAN Investments Holdings Ltd recorded a strong free cash flow position of €6,318,201 as at 31st December 2019, an increase of 66.15 per cent from 2018 which stood at EUR 3,802,604. The group’s financial performance has, for the second year, been positively impacted by its associate Bogenhausener Tor Immobilien Sarl (BTI) having sold its second and last asset, the Blue Tower forming part of the Bavaria Towers office and hotel development in the city of Munich, Germany.

“The company holds investments in 35 subsidiaries and associated companies around Europe”

The asset was sold in December 2019 to the leading asset manager on the German market Real IS consortium with the main shareholder Bayerische Versorgungskammer. The property was sold at a record yield of less than three per cent, registering the highest rate of return on equity for the group so far in its A-Class real estate portfolio. Though the main impact of the sale in the P&L was reflected already in 2018 due to a revaluation to fair market value at that time, the sale of this asset generated a share of profits, which amounted in 2019 to another €3.1m.

Due to a planned restructuring in operations in light of a more robust market positioning, the group’s hospitality chain IBB Hotel Collection did not reach the expected profit levels during 2019. The first two months of 2020 registered success in most budget targets across the 11 hotels in the group. However, the unprecedented events caused by the worldwide COVID-19 pandemic have demanded further restructuring in its hotel portfolio by maintaining, strengthening, and prioritising hotels in markets that generate the most sustainable profitability.

The Von der Heyden Group also recorded a 37 per cent increase in its total assets as at December 31, 2019 recorded at €147,785,446 (2018: €107,485,547). In line with the Von der Heyden Group’s continued growth strategy and as a renowned first mover in emerging markets, it has set up an asset management company with a team of highly skilled real estate professionals operating from its new office in Kyiv, Ukraine. The local real estate and asset management team will serve to launch attractive investment opportunities, working as the group’s asset management arm in Ukraine and starting its first regulated real estate investment fund by the end of 2020. The fund will focus on realising the full potential of Ukrainian commercial and residential real estate market opportunities in Kyiv and Lviv to its investors.

The Von der Heyden Group has also expanded its geographic footprint to Sardinia with the launch of a real estate services arm in one of the world’s most exclusive luxury locations, Costa Smeralda, Sardinia, Italy. Von der Heyden Group Real Estate provides a specialist perspective and bespoke brokerage service in the real estate market to buyers and property owners.

Furthermore, the group has acquired a 25 per cent stake in a residential co-development project in the Algarve, Portugal, and also plans to undertake its first investment in the Montenegro residential real estate market in 2020.

The gearing ratio of the group at the end of the year stood at 65.78 per cent as opposed to 54.68 per cent in 2018. The increase is not attributable to higher indebtedness by the Group but rather as a result of IFRS16 coming into force requiring the recognition of leases as liabilities in the galance sheet. The gearing ratio without the IFRS16 consideration would have been 51.89 per cent. Furthermore, given that the group does not grant corporate guarantees for hotel operating or real estate investment and development subsidiaries, the gearing ratio on a non-consolidated stand-alone basis stands at a mere 18.36 per cent.

Times of Malta article 06 04 2020

Von der Heyden Group launches Real Estate Services in Sardinia

The Von der Heyden Group, a private investment and real estate firm active in real estate developments and investments, asset management and hospitality operations around Europe, has launched a Real Estate arm one of the Mediterranean’s most exclusive luxury locations, Costa Smeralda, Sardinia. In over 30 years, the Von der Heyden Group has recorded investment programs, real estate assets, impending acquisitions and developments across more than 20 locations around the Globe.

Von der Heyden Group Real Estate will be included as another platform in the Group’s international investment portfolio and will provide a specialist perspective and bespoke brokerage service in the real estate market to buyers and property owners. The new business will also deliver rental, concierge services and property management.

Commenting on the Von der Heyden Group’s new pillar of business, Mr. Sven von der Heyden said: “As the real estate industry continues to evolve, our priorities remain the same; namely, working with local expertise we trust and with whom we have a deep, long-standing relationship. It is in the interest of the Von der Heyden Group as a dynamic international investment company specialising in quality Real Estate to continue to grow and develop our investment portfolio. The Von der Heyden Group’s enterprising real estate investments and developments, its award winning 11-hotel franchise and A-Class building property management expertise combined with its in-depth knowledge of the area, will offer a unique competitive edge for potential investors and experiential holiday makers”.

The Von der Heyden Group made international headlines on real estate news with the sale of the Blue Tower, forming part of Bavaria Towers one of Munich’s largest development projects, as well as the opening of new offices in Ukraine to establish multi-million commercial and residential property investments in Kyiv and Lviv.

Von der Heyden Group Real Estate has opened its head quarter offices with Partner and Managing Director Marco Solas in Costa Smeralda, having extensive experience in the field of real estate and a lifetime of knowledge of Sardinia as an exclusive property location. Walter Martini, an expert in the field of luxury rentals with extensive experience in hospitality joins the team as rental supervisor.

Von der Heyden Real Estate has launched over 70 properties in its Costa Smeralda 2020 collection, featured in its experiential website www.vdhrealestate.com. Featuring in its first season is an exclusive sea view property, Villa Contissa, located in a prime location on the hills of Miata, overlooking Sardinia’s open sea and the archipelago of La Maddelena.

VDHGRES Italy Press Release 24 08 2020 ENG

Von der Heyden Group begins construction on Poznań’s highest A-Class Building, Andersia Silver in Poland

International investment and Real Estate firm Von der Heyden Group has announced the start of construction for Andersia Silver, Poznań’s highest A-Class building after Andersia Tower (105,2 m). The 117,5m high skyscraper is being developed by the Group  through a joint venture company between ‘First Polish Real Estate B.V.’ and the City of Poznań with PORR as international and leading general contractor. The high-rise building  will be the fourth and final phase of the entire Anders Square project in the City. The completion of Andersia Silver in 2023 will mark the finalisation of Von der Heyden Group’s development and co-investor partnership project with the City of Poznań after Poznań Financial Center, Andersia Tower and Andersia Business Center, completed in 2001, 2007 and 2012 respectively.

Andersia Silver, designed by award winning architects Ewa and Stanisław Sipinski, is 25 storeys high with 3 underground floors, catering for over 244 parking spaces. The multi-functional commercial building will comprise of nearly 40,000 sqm in usable area, host prevalent office space and is planned to receive a LEED Certificate at the Gold Level.

Andersia Silver will complete Poznań’s most prominent skyline in Anders Square, with a joint total investment value of over a quarter of a billion Euro.

Sven von der Heyden, Chairman and founder of the Von der Heyden Group: “It is with great pleasure to see the start of the Andersia Silver project, the final addition to Anders Square. For more than two decades, we have strived to achieve what Poznań’s cityscape is today: A bustling, community-oriented location with an A-class tenant structure and a unique opportunity for businesses to claim a spot on one of the major thoroughfares in the city. It is also the start of a grand finale of a very successful public-private partnership we are proud of, which lasts now more than 24 years, which speaks for itself.

Press Release VDHG begins construction of AS 10 09 2020ENG

Von der Heyden Group deploys its Asset Management Division after being granted Regulatory License in Ukraine

Von der Heyden Group, an international investment firm on the European Real Estate market with a value of over 650 mln euro in aggregated invested assets has been granted an asset management license by the National Securities and Stock Market Commission (NSSMC) of Ukraine. The registered license establishes the Group, with a long track record of being a first mover in evolving free markets, as a pioneer to the investment potential that the Ukrainian real estate market offers. The license also marks the Von der Heyden Group as one of the very first foreign-owned real estate investment firms to obtain an asset management license in Ukraine over the last decade.

The license allows the Von der Heyden Group’s new asset management subsidiary to launch a real estate fund aimed at raising capital through the private placement of shares to professional investors with a minimum investment of 250k euro.

Robert Rottinghuis, Chief Executive Officer of the Von der Heyden Group: The economic growth over the past 5 years coupled with the unrivalled locations of Kyiv and Lviv for real estate investments and developments has shown an increasing demand for high quality commercial, industrial and residential facilities. In an unprecedented climate, our fund is designed to be one of the building blocks for institutional investors’ continued adoption of real estate assets in upcoming markets. It provides a unique opportunity to secure competitive target returns and stable cash flows for our Group as well as for our limited partners.

The Von der Heyden Group have established a best-in-class local team with extensive real estate management experience. The fund’s annual net Internal Rate of Return (leveraged, after taxes and fees) is targeted to be in the double digits over the seven-year life of the fund. The Von der Heyden Asset Management Company enables the Group to manage its own sponsored funds as well as that of other institutional investors in light of providing exposure to a rapidly developing and upcoming real estate market.

The Von der Heyden Group Asset Management Company in Ukraine marks the Group’s further expansion as an international private investment, asset management and real estate development firm with representative offices in eight countries.

VDHGAMC AMC License Press Release 15 10 2020 ENG

 

Von der Heyden Group deploys its Asset Management Division after being granted Regulatory License in Ukraine

Von der Heyden Group, an international investment firm on the European Real Estate market with a value of over 650 mln euro in aggregated invested assets has been granted an asset management license by the National Securities and Stock Market Commission (NSSMC) of Ukraine. The registered license establishes the Group, with a long track record of being a first mover in evolving free markets, as a pioneer to the investment potential that the Ukrainian real estate market offers. The license also marks the Von der Heyden Group as one of the very first foreign-owned real estate investment firms to obtain an asset management license in Ukraine over the last decade.

The license allows the Von der Heyden Group’s new asset management subsidiary to launch a real estate fund aimed at raising capital through the private placement of shares to professional investors with a minimum investment of 250k euro.

Robert Rottinghuis, Chief Executive Officer of the Von der Heyden Group:
The economic growth over the past 5 years coupled with the unrivalled locations of Kyiv and Lviv for real estate investments and developments has shown an increasing demand for high quality commercial, industrial and residential facilities. In an unprecedented climate, our fund is designed to be one of the building blocks for institutional investors’ continued adoption of real estate assets in upcoming markets. It provides a unique opportunity to secure competitive target returns and stable cash flows for our Group as well as for our limited partners.

The Von der Heyden Group have established a best-in-class local team with extensive real estate management experience. The fund’s annual net Internal Rate of Return (leveraged, after taxes and fees) is targeted to be in the double digits over the seven-year life of the fund. The Von der Heyden Asset Management Company enables the Group to manage its own sponsored funds as well as that of other institutional investors thus  providing exposure to a rapidly developing and upcoming real estate market.

The Von der Heyden Group Asset Management Company in Ukraine marks the Group’s further expansion as an international private investment, asset management and real estate development firm with representative offices in eight countries.