Campus 6.2, the office building based in western Bucharest that is part of Skanska’s Campus 6 complex, has achieved the WELL Core & Shell certification at a Gold level.

S Immo has received a request from shareholder CPI Property Group to convene an extraordinary shareholders' meeting. The motion is to resolve the abolishment of the 15 % voting cap set in the Articles of Association of S Immo. In addition, CPI Property Group has announced its intention to make a mandatory offer for all shares in S Immo not held by CPI. At the moment, CPIPG, directly and indirectly, owns a total of 42.6% in S Immo.

Real estate investment company S Immo AG has purchased the Expo Business Park office project in Bucharest from Portland Trust for an undisclosed sum. 

S IMMO has recently made major commitments towards building a fully ESG-compliant office portfolio in Budapest with a large acquisition and an ambitious green energy initiative. Géza Barabas, Country Manager of S IMMO Hungary talked to Property Forum about upcoming investment plans and the company’s ESG strategy for the Hungarian market.

The Executive Board and Supervisory Board of Immofinanz have issued supplementary statements on the announcement by CPI Property Group SA (CPIPG) of the increase in the offer price to €23.00 per share (cum dividend) and increase in CPIPG’s investment in Immofinanz to roughly 48.18% through the purchase of shares from S Immo AG. The Executive Board and Supervisory Board still view the improved offer price as too low given the successful development of Immofinanz and the current value of the company. Moreover, the offer price does not include an appropriate control premium in connection with CPIPG’s intention to attain control over Immofinanz.

S Immo Hungary decided to install more than 400 solar panels on top of the Blue Cube office building. The solar panels will cover 20-25% of the total energy consumption of the office building

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 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.

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.

S Immo AG has expanded its portfolio in the Hungarian capital with the BudaPart Gate, a LEED Gold certified Class A office building. The lettable area measures around 20,000 sqm, the building is fully let. The office property is located at the entrance to the BudaPart area, the largest ongoing urban development project in Budapest with a mix of office, residential, retail, gastronomy, entertainment and local recreation. The seller is Market Asset Management Zrt, a subsidiary of one of the largest construction companies in Hungary. The two parties have agreed not to disclose the purchase price.