Immofinanz acquires 26% of CA Immo
Immofinanz, a major player in the Hungarian real estate market and the greater region, paid €604 million for a 26% share of CA Immo, which is also big in the Hungarian market and CEE, according to a press release issued today. The deal “creates the basis” for a merger that would yield “one of the leading property groups in Europe”, the Immofinanz CEO said.
Haller Gardens in Budapest, a property handled by Immofinanz Hungary.
“Their portfolios complement each other extremely well, and we are expecting significant synergies and an increase in the attractiveness of the combined group for the capital market – and that will benefit the shareholders of both companies,” said Oliver Schumy, CEO of Immofinanz. “We met all conditions in the shortest possible period of time and obtained the necessary approvals from the antitrust authorities in six countries.”
Immofinanz announced it had completed the purchase by buying 25,690,163 bearer shares of CA Immobilien Anlagen AG from Terim Limited and four registered shares of CA Immo from O1 Group Limited, according to the press release.
Properties of Immofinanz in Hungary had a carrying amount of €476.1 million in the past financial year, representing 8.7% of the company’s total portfolio, the company said yesterday.
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