ARTICLES LABELLED WITH TAG S Immo

CPI Europe reported a slight dip of 2.9% in rental income to €139.0 million during Q1 2025 versus the same period of last year over strategic property divestitures. 

Immofinanz Group has announced the completion of the minority shareholders of S Immo, at a price of €22.05 per share, as of December 3. 

Immofinanz Group is acquiring a further 28,241,094 shares in S Immo from its core shareholder CPI Property Group, thus increasing its stake in S Immo to around 89%.

Property investor Immofinanz has set the price of shares in the squeeze-out operation of S Immo and has established the adequate cash compensation.

S Immo has announced the sale of HOTO Business Tower in Zagreb for an undisclosed sum. The project is located on the south-western edge of the central business district of the Croatian capital and comprises a total leasable area of around 15,500 sqm. 

Immofinanz Group generated sound growth in rental income and earnings in the first quarter of 2024. Rental income rose by 11.5% year-on-year to €143.2 million. After an adjustment for new acquisitions, completions and sales, the like-for-like rental income recorded by Immofinanz (excluding S Immo) rose by 6.4%. The results of asset management increased by 14.3% over the previous year to €120.0 million and the results of operations improved by a strong 26.4% to €104.3 million. FFO 1 after tax was 23.5% higher at €69.7 million (Q1 2023: €56.4 million).

The Supervisory Board of Immofinanz has approved the commencement of preparations for a squeeze-out of S Immo in accordance with the Austrian Squeeze-out Act. In the course of the squeeze-out, shares in S Immo held by minority shareholders shall be transferred to Immofinanz as the main shareholder in exchange for appropriate cash compensation.

S Immo has signed a contract to sell Zagrebtower to the OTP Group. The office building comprises a total net area of almost 26,000 sqm and has a BREEAM International In-Use Excellent certificate. The transaction is expected to close in the third quarter of 2024, subject to the necessary regulatory approvals.

CPI Property Group announced the signing of a binding agreement for the sale of a portfolio totalling 11 properties located in the Czech Republic to S Immo. The transaction property value is €481 million. 

According to CPI Property Group's financial results for H1 2023, the group's rental income continues to rise, even as it works on its disposal and deleveraging plans. The group's CEO expects a similar trend for the rest of the year.