Immofinanz has received approval from its Supervisory Board to enter into negotiations with its core shareholder CPI Property Group concerning the acquisition of shares in S Immo. Currently, Immofinanz directly holds approx. 26.49% of S Immo. CPIPG directly holds 52.7% of S Immo, which may further increase as a result of CPIPG’s mandatory takeover offer over S Immo.
A potential acquisition of shares in S Immo by Immofinanz from CPIPG would be envisaged to take place by the end of this year. The potential transaction would involve at least 17,305,012 shares in S Immo (approx. 23.51%) to form a controlling stake in S Immo within Immofinanz and would take place at a fair market price to be negotiated and confirmed by an independent fairness opinion. The purchase price may take into consideration the EPRA NAV/NTA of S Immo, share price, a control premium as well as targeted synergies among other relevant market standard price parameters. For the purchase price, a long-term financing by CPIPG to Immofinanz should take place.
With this acquisition, Immofinanz would complete a long-term strategic goal and proceed with the consolidation of both companies to capture future mutual synergies, the company’s announcement concludes.
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