IMMOFINANZ increases shareholding in S IMMO to more than 50%

IMMOFINANZ AG (“IMMOFINANZ”) is acquiring 17,305,012 shares in S IMMO AG (“S IMMO”) from its core shareholder, CPI Property Group (“CPIPG”), thus obtaining a controlling stake in S IMMO of 50% plus one share. The purchase price amounts to EUR 337.5 million or EUR 19.5 per S IMMO share. The transaction will be financed through a long-term credit facility provided to IMMOFINANZ by CPIPG. The share purchase agreement was signed today, 19 December 2022. The closing of the transaction will take place before the end of 2022; consequently, IMMOFINANZ will fully consolidate S IMMO in the 2022 annual financial statements.

“With this acquisition, IMMOFINANZ has achieved a long-term strategic goal. The consolidation of the two companies will be value accretive and leads to a stronger market position and allows us to capture synergies,” explains Radka Doehring, Executive Chairwoman of IMMOFINANZ.

The purchase price for the shares was negotiated between IMMOFINANZ and CPIPG based on a standard market valuation method and price parameters and is backed by a fairness opinion of an independent investment bank. The long-term financing granted by CPIPG is based on market conditions and has a term until March 2028. Repayments will be made continuously out of available funds; IMMOFINANZ has the option to make early repayments.

 

On IMMOFINANZ
IMMOFINANZ is a commercial real estate group whose activities are focused on the office and retail segments of eight core markets in Europe: Austria, Germany, Poland, Czech Republic, Slovakia, Hungary, Romania and the Adriatic region. The core business covers the management and development of properties, whereby the STOP SHOP (retail), VIVO! (retail) and myhive (office) brands represent strong focal points that stand for quality and service. The real estate portfolio has a value of approximately EUR 5.5 billion and covers 260 properties. IMMOFINANZ is listed on the stock exchanges in Vienna (leading ATX index) and Warsaw. Further information under: https://www.immofinanz.com

 

For additional information contact:

Bettina Schragl
Head of Corporate Communications and Investor Relations
IMMOFINANZ AG
T +43 (0)1 88 090 2290
M +43 (0)699 1685 7290
communications@immofinanz.com
investor@immofinanz.com

1100 Vienna, Wienerbergstraße 9, Austria
www.immofinanz.com