CPIPG makes offer for outstanding Immofinanz shares

Deals

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CPI Property Group (CPIPG) announced an anticipatory mandatory takeover offer for all outstanding shares of Immoginanz AG. Shareholders are to be offered EUR 21.2 in cash per Immofinanz share, according to a press release sent to the Budapest Business Journal.

In connection with the takeover offer, CPIPG announced that the group is the largest shareholder in Immofinanz with a stake of approximately 21.4%. The group’s stake was recently purchased from the market and from Mountfort Investments S.à r.l. (Mountfort). CPIPG has also agreed to purchase 10.6% of Immofinanz from RPPK Immo GmbH (RPPK), conditional on receipt of antitrust approvals. In total, CPIPG expects to own a minimum stake of about 32% upon antitrust clearance.

"Immofinanz has an excellent property portfolio in the Central European region where CPIPG is an expert,” said Martin Němeček, CEO of CPIPG. “However, despite the best efforts of a high-quality management team, strategic decision-making at Immofinanz has been nearly paralyzed by lack of shareholder leadership and mixed messaging about the future. With CPIPG’s active involvement, we know that Immofinanz can achieve much more as a company."

CPIPG says that it is confident that a minimum stake of 32% brings substantial control over Immofinanz on day one following regulatory clearance, with the possibility to increase the group's shareholding through the cash offer. The offer is expected to close in Q2 2022. UniCredit Bank, Goldman Sachs Bank, and HSBC are acting as joint M&A advisors to CPIPG; Wolf Theiss is acting as legal counsel to CPIPG.

Immofinanz is a large, well-regarded owner of Central European commercial real estate, with a primary listing on the Vienna Stock Exchange and a property portfolio of EUR 5 billion in key Central European countries, such as Germany, the Czech Republic, Poland, and Hungary. Immofinanz is also a significant owner of commercial real estate in Austria.

 

 

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