ARTICLES LABELLED WITH TAG S Immo

Property groups Immofinanz and S Immo said they are reviewing further alignment, coordination, merger or other forms of integration, with CPI Property Group (CPIPG) as supporting shareholder. 

Immofinanz has significantly expanded its retail portfolio in the 2022 financial year. As a result of acquisitions and completions, the portfolio has grown from 111 to 169 locations in ten European countries over the course of the year, with a carrying amount of approximately €2.3 billion (excluding S Immo). Rentable space increased by nearly 30% to approximately 1.36 million sqm.

Immofinanz is acquiring 17,305,012 shares in S Immo AG from its core shareholder, CPI Property Group, thus obtaining a controlling stake in S Immo of 50% plus one share. The purchase price amounts to €337.5 million or €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 on 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.

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.

The sale comprises eight properties totalling around 109,000 sqm of lettable space with an annual rental income of approximately €16 million, plus one plot of land. 

Immofinanz has signed a letter of intent for the sale of its Hungarian office properties to S Immo. This transaction is taking place through close cooperation within the CPI Property Group to realise synergy effects and can be used to extend Immofinanz’s myhive office solutions to the entire group. The Hungarian portfolio includes six buildings in Budapest with roughly 124,000 sqm of rentable space. The closing of the transaction could take place before the end of 2022.

The owner and asset management company placed 437 solar panels on top of the Blue Cube office building to decrease CO2 emissions by 120 thousand kilogrammes a year.

Following the completion of the mandatory offer by CPI Property Group in relation to S Immo, the Supervisory Board and the acting Chairman of the Management Board, Dr. Bruno Ettenauer, have mutually agreed that Mr. Ettenauer's Management Board contract terminated at the end of 6 September 2022.

CPI Property Group's real estate portfolio increased to €20.9 billion in the first half of 2022. It was the result of two large acquisitions of Immofinanz and S Immo and therefore also the net rental income reached the level of €263 million and net business income went up to €276 million, CPIPG reported in the latest press release on half-year financial results for 2022.

CPI Property Group (CPIPG) has become the owner of approximately 79.2% of the shares of the Austrian company S Immo. CPIPG, in its mandatory takeover offer, offered to buy out the shares of S Immo for €23.50 per share. This offer, available until August 12, 2022, was taken up by holders of approximately 36.66% of S Immo shares.