Former Finance Minister joins VDH Group Management Board

The Von der Heyden Group is expanding and consolidating its central operations in Malta.

Von der Heyden Group, a high-quality niche player in the European real estate market, has announced new appointments in line with its further expansion and the consolidation of its central operations in Malta.

Former Finance Minister Tonio Fenech joins the Management Board of TIMAN Investments Holdings. Mr Fenech played a key role in driving forward Malta’s economic development.

Meanwhile, Bob Rottinghuis, who has dedicated 10 years as a consultant to the Group before his role as Chief Operating Officer in 2016 and who was fundamental in configuring the success of the €25 million bond issue in Malta in 2017, assumes the role of Group Chief Executive Officer.

Both appointments came into effect on 1st January 2019.

The new appointments will enable Group Chairman Sven von der Heyden and Managing Director Javier Errejón Sainz de la Maza to concentrate on further strengthening its four pillars of business, expanding them into new markets and seizing new opportunities.

Mr von der Heyden, said: “We look back on thirty extraordinary years with many landmark projects which have led us to where we are today, starting from zero back in 1989. Over the years, we have built a team of almost 400 people who contribute at all levels to the continuing success of our Group in our real estate investments and developments, our hotel group IBB Hotel Collection, as well as in our alternative investments.”

The Von der Heyden Group is undergoing the finalisation of Munich’s largest development project Bavaria Towers, having recently signed various 10 year lease contracts for the state of the art project with a total investment value of €180 million. In addition, VDHG has completed the hotel IBB Dlugi Targ in Gdansk, Poland – another hotel for the IBB Hotel Collection which has been highly successful since its launch.
In 2019, the Group plans to invest in Ukraine and the Maldives, although the due diligence phase is still ongoing.

Source: www.maltachamber.org.mt

Tonio Fenech joins TIMAN Investment board Von der Heyden Group announces new CEO

Former Finance Minister Tonio Fenech has joined the management board of TIMAN Investment Holdings, a subsidiary of the Malta-based high-end real estate player Von der Heyden Group.

The new appointment is one of two which the board made at the turn of the year, with Bob Rottinghuis also assuming the role of Group Chief Executive Officer within the group.

Mr Rottinghuis spent a decade as a consultant to the group before becoming its Chief Operating Officer in 2016, and was fundamental in the group’s €25 million bond issue in Malta in 2017.

In a statement, the group said that the new appointments “will enable Group Chairman Sven von der Heyden and Managing Director Javier Errejón Sainz de la Maza to concentrate on further strengthening its four pillars of business, expanding them into new markets and seizing new opportunities.”

The group is currently finalising Bavaria Towers, Munich’s largest development project, and has completed the hotel IBB Dlugi Targ in Gdansk, Poland.

Mr Sven von der Heyden, said: “Over the years, we have built a team of almost 400 people who contribute at all levels to the continuing success of our Group in our real estate investments and developments, our hotel group IBB Hotel Collection, as well as in our alternative investments.”

In December 2018, Von der Heyden Group moved its corporate offices from Valletta to a new state of the art office in the 14 East tower building in Gzira.

Source: Times of Malta

Von der Heyden Group announces new appointments in line with the further expansion of the Group and consolidation of central operations in Malta

Von der Heyden Group, a high-quality niche player on the European Real Estate Market, has announced new appointments in line with the further expansion of the Group and consolidation of central operations in Malta.

Bob Rottinghuis, will assume the role of Group Chief Executive Officer. Having dedicated 10 years as a consultant to the Group before taking on his role as Chief Operating Officer in 2016, Mr Rottinghuis was fundamental in configuring the successful 25-million-euro bond issued in Malta in 2017. In addition, Tonio Fenech, former Finance Minister of Malta until 2013, will join the Management Board of TIMAN Investments Holdings. Mr Fenech was responsible with his fellow cabinet members, for Malta’s successful economic development during his ten-year tenure and laying the grounds for today’s economic unprecedented boom. Both appointments came into effect on 1st January 2019.

                        
Bob Rottinghuis                                                                   Tonio Fenech

The new appointments will enable Group Chairman Sven von der Heyden and Javier Errejón Sainz de la Maza as Managing Director to concentrate on further enhancing its four pillars of business, expanding them into new markets and seizing new opportunities.

The year 2019 marks the Von der Heyden Group’s 30-year anniversary in Europe.

Von der Heyden Group Chairman, Sven von der Heyden: ‘We look back on three incredible decades with many landmark projects which have led us to where we are today, starting from zero back in 1989. We are very proud to have a team of almost 400 people who contribute at all levels to the continuing success of our Group in our real estate investments and developments, our hotel group IBB Hotel Collection as well as in our alternative investments’

In December 2018, the Group has moved its corporate offices from Valletta to a new state of the art office in the 14 East tower building in Gzira, Malta.

About the Von der Heyden Group

Von der Heyden Group (VDHG) is a high-quality niche player on the European Real Estate Market and has been successfully developing Class A Office buildings and Hotels in central and strategic locations in Malta, Germany, Poland and Spain.

The Group is commonly known for its high-end finishes and quality, and at all times achieved record prices for its award-winning projects, when sold.

In March 2017, the Group, through its special purpose vehicle Von der Heyden Group Finance plc, has issued a €25 million bond which is listed on the Malta Stock Exchange. It was the most traded bond in terms of number of transactions during the year 2018.

The Von der Heyden Group is undergoing the finalization of Munich’s largest development project Bavaria Towers, having recently signed various 10 year lease contracts for the state of the art project with a total investment value of €180 million. In addition, VDHG has completed the hotel IBB Dlugi Targ in Gdansk, Poland – another hotel for the IBB Hotel Collection which has been highly successful since its launch. Furthermore in Poznan, Poland, the Group is planning the Andersia Silver project for around Euro 110 million, which however will only be tackled in a more favourable environment.

With 30 years sound experience and continuing presence on European markets, VDHG enjoys the trust of international financial institutions, funds and big market players, as well as embassies, governmental institutions and cities. The Von der Heyden Group, have since 1989 recorded an investment program, impending acquisitions and developments with a value of over half a billion euro.

In 2019, the Group plans to invest in Ukraine and the Maldives, although the due diligence phase is still ongoing.

VDHG Press Release Ukraine New Investments ENG

New appointments at Von der Heyden Group

Von der Heyden Group, a high-quality niche player in the European real estate market, has announced new appointments in line with its further expansion and the consolidation of its central operations in Malta. This year marks the Von der Heyden Group’s 30- year anniversary in Europe.

Bob Rottinghuis, who has dedicated 10 years as a consultant to the Group before his role as Chief Operating Officer in 2016 and who was fundamental in configuring the success of the €25 million bond issue in Malta in 2017, assumes the role of Group Chief Executive Officer.

In addition, Tonio Fenech joins the Management Board of TIMAN Investments Holdings. Serving as Finance Minister of Malta till 2013, Mr Fenech played a key role in driving forward Malta’s economic development. Both appointments came into effect on 1 st January 2019.

The new appointments will enable Group Chairman Sven von der Heyden and Managing Director Javier Errejón Sainz de la Maza to concentrate on further strengthening its four pillars of business, expanding them into new markets and seizing new opportunities.

Sven von der Heyden, said: “We look back on thirty extraordinary years with many landmark projects which have led us to where we are today, starting from zero back in 1989. Over the years, we have built a team of almost 400 people who contribute at all levels to the continuing success of our Group in our real estate investments and developments, our hotel group IBB Hotel Collection, as well as in our alternative investments.”

In December 2018, Von der Heyden Group moved its corporate offices from Valletta to a new state of the art office in the 14 East tower building in Gzira.

Von der Heyden Group (VDHG) is a high-quality niche player on the European Real Estate Market and has been successfully developing Class A Office buildings and Hotels in central and strategic locations in Malta, Germany, Poland and Spain. The Group is commonly known for its high-end finishes and quality, and at all times achieved record prices for its award-winning projects, when sold.

Since March 2017, the Group through its special purpose vehicle Group Von der Heyden Group Finance plc has €25 million bonds in issue and is listed on the Malta Stock Exchange. It was the most traded bond in in terms of number of transactions during 2018.

The Von der Heyden Group is undergoing the finalization of Munich’s largest development project Bavaria Towers, having recently signed various 10 year lease contracts for the state of the art project with a total investment value of €180 million. In addition, VDHG has completed the hotel IBB Dlugi Targ in Gdansk, Poland – another hotel for the IBB Hotel Collection which has been highly successful since its launch.

Furthermore in Poznan, Poland, the Group is planning the Andersia Silver project for around Euro 110 million, which however will only be tackled in a more favourable environment.

With 30 years sound experience and continuing presence on European markets, VDHG enjoys the trust of international financial institutions, funds and big market players, as well as embassies, governmental institutions and cities. The Von der Heyden Group, have since 1989 recorded an investment program, impending acquisitions and developments with a value of over half a billion euro.

In 2019, the Group plans to invest in Ukraine and the Maldives, although the due diligence phase is still ongoing.

Source: www.livenewsmalta.com

New appointments at Von der Heyden Group in line with its expansion and consolidation of central operations in Malta

Von der Heyden Group, a high-quality niche player on the European real estate market, has announced new appointments in line with its further expansion of its  central operations in Malta. This year marks the Von der Heyden Group’s 30-year anniversary in Europe.

Mr Bob Rottinghuis, who has dedicated 10 years as a consultant to the Group before his role as Chief Operating Officer in 2016 and who was fundamental in configuring the successful €25 million bond issue in Malta in 2017, assumes the role of Group Chief Executive Officer. In addition, Mr Tonio Fenech joins the Management Board of TIMAN Investments Holdings. Serving as Finance Minister of Malta till 2013, Mr Fenech payed key role in driving forward Malta’s economic development.  Both appointments came into effect on 1st January 2019.

The new appointments will enable Group Chairman Sven von der Heyden and Managing Director Javier Errejón Sainz de la Maza to concentrate on further strengthening its four pillars of business, expanding them into new markets and seizing new opportunities.

Mr Sven von der Heyden said: ‘We look back on thirty extraordinary years with many landmark projects which have led us to where we are today, starting from zero back in 1989. Over the years, we have built a team of almost 400 people who contribute at all levels to the continuing success of our Group in our real estate investments and developments, our hotel group IBB Hotel Collection as well as in our alternative investments’

In December 2018, Von der Heyden Group moved its corporate offices from Valletta to a new state of the art office in the 14 East tower building in Gzira.

About the Von der Heyden Group

Von der Heyden Group (VDHG) is a high-quality niche player on the European Real Estate Market and has been successfully developing Class A Office buildings and Hotels in central and strategic locations in Malta, Germany, Poland and Spain. The Group is commonly known for its high-end finishes and quality, and at all times achieved record prices for its award-winning projects, when sold.

Since March 2017, the Group, through its special purpose vehicle Von der Heyden Group Finance plc, has issued a €25 million bonds in issue and its listed on the Malta Stock Exchange. It was the most traded bond in terms of number of transactions during the year 2018.

The Von der Heyden Group is undergoing the finalization of Munich’s largest development project Bavaria Towers, having recently signed various 10 year lease contracts for the state of the art project with a total investment value of €180 million. In addition, VDHG has completed the hotel IBB Dlugi Targ in Gdansk, Poland – another hotel for the IBB Hotel Collection which has been highly successful since its launch. Furthermore in Poznan, Poland, the Group is planning the Andersia Silver project for around Euro 110 million, which however will only be tackled in a more favourable environment.

With 30 years sound experience and continuing presence on European markets, VDHG enjoys the trust of international financial institutions, funds and big market players, as well as embassies, governmental institutions and cities. The Von der Heyden Group, have since 1989 recorded an investment program, impending acquisitions and developments with a value of over half a billion euro.
In 2019, the Group plans to invest in Ukraine and the Maldives, although the due diligence phase is still ongoing.

Source: The Malta Independent 11.01.2019

New appointments in line with its expansion and consolidation of central operations

Von der Heyden Group, a high-quality niche player on the European real estate market, has announced new appointments in line with its further expansion and consolidation of its  central operations in Malta. This year marks the Von der Heyden Group’s 30-year anniversary in Europe. Mr Bob Rottinghuis, who has dedicated 10 years as a consultant to the Group before his role as chief operating officer in 2016 and who was fundamental in configuring the success of the €25 million bond issue in Malta in 2017, has assumed the role of Group chief executive officer. In addition, Mr Tonio Fenech joins the Management Board of TIMAN Investments Holdings. Serving as Finance Minister of Malta till 2013, Mr Fenech payed key role in driving forward Malta’s economic development.  Both appointments came into effect on 1st January 2019.The new appointments will enable Group chairman Sven von der Heyden and managing director Javier Errejón Sainz de la Maza to concentrate on further strengthening its four pillars of business, expanding them into new markets and seizing new opportunities.

‘We look back on 30 extraordinary years with many landmark projects which have led us to where we are today, starting from zero back in 1989″, Mr Sven von der Heyden said. “Over the years, we have built a team of almost 400 people who contribute at all levels to the continuing success of our Group in our real estate investments and developments, our hotel group IBB Hotel Collection as well as in our alternative investments’.

In December 2018, Von der Heyden Group moved its corporate offices from Valletta to a new state of the art office in the 14 East tower building in Gzira.

Von der Heyden Group is a high-quality niche player on the European real estate market and has been successfully developing Class A Office buildings and hotels in central and strategic locations in Malta, Germany, Poland and Spain. The Group is commonly known for its high-end finishes and quality, and at all times achieved record prices for its award-winning projects, when sold.

Source: Times of Malta
Times of Malta New Appointments 11 01 2019

Von der Heyden Group announces multi-million investments in Ukraine and new appointments in line with the further expansion of the Group

Von der Heyden Group, a leading high-quality niche player on the European Real Estate market recording impending acquisitions and developments with a value of over half a billion euro, has announced multi-million investments in Ukraine. The group, renowned for creating landmark Class A office buildings and Hotels and in achieving record prices for its award-winning projects, plans to invest between 50-100 million US dollars in Kyiv and Lviv in the coming three years after finalising currently ongoing due diligence on various assets. The Group, with extensive experience of being a first mover in upcoming markets, would invest its own funds as well as that of third parties.

Von der Heyden Group is undergoing the finalization of Munich’s largest development project Bavaria Towers, having recently signed various 10-year lease contracts for the state of the art project with a total investment value of €180 million. In addition, the group is recording a successful return on investment in its recently completed, historical addition to its subsidiary 13-hotel hospitality group IBB Hotel Collection, IBB Dlugi Targ in Gdansk, Poland. The Group is also planning the final development phase for Poznań’s highest building Andersia Silver, with an investment value of Euro 110 million.

Von der Heyden Group, has announced new appointments in line with the further expansion of the Group into new markets and consolidation of central operations in Malta. Mr Bob Rottinghuis, who has dedicated 10 years as a consultant to the Group before his role as Chief Operating Officer in 2016, assumes the role of Group Chief Executive Officer. Mr. Rottinghuis was fundamental in configuring a €25 million bond issue in Malta in 2017 for the group, recorded as the most traded bond in terms of number of transactions during the year 2018. In addition, Tonio Fenech, former Finance Minister of Malta until 2013, has joined the Management Board of TIMAN Investments Holdings. Mr Fenech was responsible with his fellow cabinet members, for Malta’s successful economic development during his ten-year tenure and laying the grounds for today’s economic unprecedented boom.

The year 2019 marks the Von der Heyden Group’s 30-year anniversary in Europe.

Von der Heyden Group Chairman, Sven von der Heyden:

‘We look back on three incredible decades with many landmark projects which have led us to where we are today, starting from zero back in 1989. We are very proud to have a team of almost 400 people who contribute at all levels to the continuing success of our Group in our real estate investments and developments, our hotel group IBB Hotel Collection as well as in our alternative investments. We look forward to two new developments in Ukraine this year, marking our expansion into a 5th market beyond Germany, Poland, Spain and Malta, and in contributing to the country’s further growth and development.’

VDHG Press Release Ukraine New Investments UA
VDHG Press Release Ukraine New Investments RUS
VDHG Press Release Ukraine New Investments ENG

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 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

TIMAN Investments Holdings Limited reports record turnover in 2019 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 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 operatingor 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.

The 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.
Source: www.independent.com.mt

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 reports a consolidated EBITDA increase of 29% to €4.3 million in its 2020 financial statements

TIMAN Investments Holdings Limited (the “Company”), the Von der Heyden Group’s holding company and the Von der Heyden Group Finance Plc guarantor, presented consolidated and audited annual accounts for the financial year ended 31st December 2020, reaching a  revenue of EUR 23,505,636 despite the global COVID-19 pandemic. The Company holds for capital growth and income generation, investments in 37 subsidiaries and associated companies around Europe.

The Group recorded a strong cash position of EUR 27,905,646 as at 31st December 2020, an increase of EUR 21,587,445 for the previous year end. Given the arduous economic conditions caused by the continuing global pandemic, such a result is highly positive, considering the impact and ramifications of COVID-19 on the Groups’ hospitality subsidiary IBB Hotel Collection.

With a significant improvement in the gearing ratio of the Group declining to 48.95% from 65.78% in 2019 and the borrowings of the Group dropping by 9.7% to EUR 84,493,912, inclusive of EUR 40,231,766 finance lease liabilities, the Group managed to exceed the EUR 25 million closing cash position forecasted in the Financial Analysis Summary (FAS) in August 2020. This was achieved through a significant effort of cost control, property investment returns and cash management.

The Group also recorded a positive working capital position, inclusive of cash in hand, of EUR 17,812,553 from a negative position in 2019 of EUR 6,170,757 due to the positive cash flow generated in the year.

The year under review has in turn highlighted an EBITDA increase of 29% to EUR 4,367,701 from EUR 3,387,218 in 2019, an increase of EUR 980,483. The year 2020 also showed an improvement in profitability of the Group, despite the loss before tax of EUR 483,791 managing a reduction of EUR 1,465,678 from last year’s losses, also through a significant effort to avert the forecasted loss before tax of slightly over EUR 5 million as reported in the FAS.  Moreover, the Group reports a very successful year in the real estate development segment generating EUR 12,255,267 (2019: EUR 178,090) in revenue resulting in net fair value gains of EUR 3,175,319 (2019: EUR 422,557) in relation to the value of investment properties.

The sale of the fully occupied A Class Blue Tower, forming part of the Bavaria Towers project in Munich, Germany,  as well as one of the Group’s luxury  boutique hotels Cugó Gran Menorca in Spain has generated excess liquidity during the financial year that both restricted and obligated the halt of the hospitality and tourism industry at large for over 12 months. The subsequent returns, efficient timing when selling properties and the Von der Heyden Group’s diversification in its real estate portfolio has ensured a strong and resilient position as an investment firm active in business in 8 markets across Europe. The Group’s results indicate the stability and favourable returns enjoyed from its complementary subsidiaries in the experiential luxury industry and real estate investment during the year to successfully weather the storm.

Luxury Rental Villa in Porto Cervo (Von der Heyden Real Estate)
Luxury Rental Villa in Porto Cervo (Von der Heyden Real Estate)

The Group’s boutique real estate agency in Sardinia, Von der Heyden Real Estate, operating since last summer, has registered healthy inroads  for luxury villa rentals in Costa Smeralda. This exclusive location, attracting niche and luxury vacationists coupled with the property team’s know-how, inspired the off-shoot of its most recent subsidiary, Von der Heyden Yachting, specialising in equally artful experiences and customised journeys around the Mediterranean, specifically the Balearics, Malta and Sardinia. Launched on Easter Sunday, this luxury yachting charter company hosts an exclusive fleet of Italian luxury Ferretti Yachts.

Argo NOI (Von der Heyden Yachting based in Malta, the Balearics and Sardinia)
Argo NOI (Von der Heyden Yachting based in Malta, the Balearics and Sardinia)

During the third quarter of 2020, Von der Heyden Development announced the commencement of Andersia Silver, a modern A-class office building, that will complete the development of Anders Square in Poznań, one of the most prestigious locations in the city centre. Andersia Silver will have 40,000 square meters of usable office space spread over 25 floors. Upon completion, in 2023, it will be 117.5 meters high, making it the highest skyscraper in Poznań one of the larger cities in Poland a center of trade, sports, education, technology and tourism. The building will also include 244 parking spaces on 3 underground levels and will obtain an LEED certificate at the GOLD level, which will confirm the ecological solutions used at the design and construction stage.

Chairman of the Von der Heyden Group Sven von der Heyden said:

The unrelenting impact of the world pandemic on travel as a global economic sector has been felt by many over the past 12 months. It is a time that will go down in history for the challenging and emotional decisions that had to be made by the commanders at the helm of thousands of businesses. The Von der Heyden Group, hit like the majority, leveraged its invaluable experience in previous economic downturns and its vigour in successful real estate investments and developments to secure its force against this unprecedented wave.

Our sustainable growth strategy continues to be the driving force of our vision for the next decade, where we expect high returns on the Group’s real estate developments and investment opportunities. The Von der Heyden Group is present from the West in Portugal, the south in Malta and Italy to the East in Poland and Ukraine. Our mission is to continue to thrive in economies that see the significance in restoring, rehabilitating or creating spaces that add value to these communities.

The Group’s CEO Bob Rottinghuis adds: Last year’s successful licensing of our asset management business and the resulting current launch of our first fund dedicated to the Ukrainian and Polish commercial real estate markets will make 2021 another exciting year for the Group. Despite the expected remaining economic headwinds we strive for sustainable growth of our subsidiaries and investments across Europe. At the same time, with the relentless dedication of our great team of people across all our companies and geographies, we keep looking for opportunities to gradually expand our solid capital base.