In early December 2021, S Immo announced a partial takeover to the shareholders of Immofinanz, only three days after a similar offer was made by CPI Property Group. Today, the Executive Board, Supervisory Board and Works Council of Immofinanz have issued statements in which they indicate that the offer price of €23.00 per share is viewed as not sufficiently attractive. The Executive Board and Supervisory Board, therefore, recommend that shareholders not accept the partial offer by S Immo for approximately 10% of the outstanding Immofinanz shares.
The price of €23.00 in cash per Immofinanz share specified in the partial offer by S Immo AG (via its indirect subsidiary CEE Immobilien GmbH as the offeror) represents a significant discount to the reference values used to determine a fair value for the Immofinanz share. The offer price is substantially lower than the current EPRA NTA per share of €30.77 and represents a discount of roughly 25%. A comparison with other key valuation benchmarks, e.g. EPRA NAV per share or the IFRS book value per share, also shows high discounts.
The offer price is, in addition, substantially lower than the price of the Immofinanz share before the outbreak of the COVID-19 pandemic (nearly €27 in February 2020) as well as the analysts’ average target price of €24.50 (median). “The offer price for the approximately 25% shareholding targeted by S Immo is clearly lower than the premium paid for comparative transactions in the European real estate sector“, explained Immofinanz Executive Board members Dietmar Reindl and Stefan Schönauer.
Executive Board members Dietmar Reindl and Stefan Schönauer: “Immofinanz’s excellent performance, our high-quality portfolio and the pioneering role in combating climate change are further proof that we took the right steps during the crisis and have a strong position for the future. We will continue to pursue our growth strategy and, in this way, create value for all our stakeholders. Consequently, we recommend that our shareholders not accept the offer from S Immo because the specified price does not reflect the value of the company. Let us design the future of our company together and realise the great potential inherent in Immofinanz!“
