ARTICLES LABELLED WITH TAG Immofinanz

CPI Property Group and a subsidiary of S Immo (CEE Immobilien GmbH) signed an agreement concerning the acquisition of 17,543,937 Immofinanz shares, corresponding to a participation of approx. 12.69% of the total nominal share capital of Immofinanz. The agreement also covers the acquisition of additional shares eventually tendered into the voluntary partial tender offer for shares of Immofinanz published by CEE Immobilien GmbH on 23 December 2021. The purchase price per share amounts to €23.00 cum dividend. Following the transaction, CPIPG has undertaken to improve its takeover offer price (from the previous €22.70) in accordance with the Austrian Takeover Act accordingly.

CPI Property Group is continuing its efforts towards the takeover of Immofinanz. It has increased its holding in Immofinanz to 35.5% and subsequently also increased its offer price.

The Executive Board, Supervisory Board and Works Council of Immofinanz issued statements in which they indicate that the offer price of €21.20 per share is viewed as not attractive and recommend that investors not accept the offer by CPIPG for Immofinanz’s shares and convertible bonds.

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.

Immofinanz is following its market entry in Italy with the expansion of its Stop Shop retail park brand across the Adriatic region in line with the corporate strategy. In Croatia, plans call for an increase in the number of Stop Shops from the current level of 4 to more than 20 locations over the medium term. The completion of a newly developed Stop Shop and the expansion of an existing location is scheduled for the first half of 2022. Detailed market and location analyses indicated high demand by the Croatian population for decentralised, local supplies. This conclusion led to a decision by Immofinanz to secure 22 sites in medium-sized Croatian cities for the development of Stop Shop retail parks. The purchase price for these sites totals approximately €80 million.

Immofinanz announced its new Net Zero Emission Strategy. Plans call for a reduction of 60% (below the 2019 level) in all greenhouse gas emissions by 2030 – and by 2040, the company intends to be emission-free along the entire value chain.

Immofinanz has recently received takeover offers from both CPI Property Group and S Immo in the latest chapter of the Austrian takeover saga. During the last couple of years, the three major Austrian real estate companies – Immofinanz, CA Immo and S Immo – have received (and usually rejected) numerous takeover offers with mergers in almost every possible combination also having been discussed. To help its readers keep track, Property Forum has put together a timeline of all the offers that were announced since 2014.

The Stop Shop retail network operated by Immofinanz will be expanded with another service: 116 high-performance electric charging stations will soon start operating at 14 locations.

Property group Immofinanz says it has sold the former retail project Armonia Center Arad to investment fund Oresa for an undisclosed sum. The buyer plans to develop a mixed-use scheme with industrial and retail components.

S Immo AG announced today that a partial takeover offer shall be launched to the shareholders of Immofinanz AG. The decision to make the partial offer is made after the anticipatory mandatory takeover offer announced by CPI Property Group on 3 December 2021. S Immo does not consider the price offered in the mandatory offer attractive.