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CENTRAL EUROPE S Immo rebuffs Immofinanz over cancelled AGM

Investment & finance
S Immo has rejected a request from rival Austrian real estate company Immofinanz (which intends to make a takeover bid for S Immo) not to postpone its AGM, originally scheduled for April 30th 2021.

Immofinanz insists that in order to meet transparency standards, the AGM needs to held on or around the original date for a decision to be made by shareholders on cancelling its maximum voting rights rule, which Immofinanz has made a condition precedent on the takeover offer. However, S Immo has also invoked transparency standards in insisting that the meeting cannot be held at such a date because shareholders will need time to consider the bid, which has still not been officially tabled, and they can only do so once the offer document is approved by the Austrian Takeover Commission and published.

As S Immo points out in its press release: “Immofinanz AG made a similar request to abort the voting rights restriction in 2019 and fell well short of the required majority in the AGM of 2019. S Immo AG remains principally open to put this request to vote again but wants to enable its shareholders to make an informed decision once the details, timing and initial results of the takeover offer by Immofinanz AG are publicly announced.”

S Immo has also released its financial results for 2020, when it generated a consolidated net income of EUR 56.9 mln, down from EUR 213.3 mln in 2019. The company attributes the reduction in this figure mainly to the significantly reduced revenues from its hotel and retail properties in the CEE region and their downward revaluation by EUR 22.3 mln. However, its rental income across all properties improved by 3.3 pct to EUR 123.3 mln.

We are confident that the efforts to overcome the Covid-19 pandemic will lead to clear improvements in the economic conditions in the near future, and that this will bring a corresponding upturn on the capital markets. Our investment activities will continue to focus on Germany and the CEE region. We currently have around 2.5 mln sqm in property reserves among over 30 individual sites in the Berlin commuter belt. And we are continuing to evaluate investment opportunities in up-and-coming German cities and in capitals in the CEE region. And we are currently working on an office development in Budapest.
Bruno Ettenauer, the CEO of S Immo

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