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CENTRAL EUROPE Immofinanz rejects S Immo bid

Investment & finance
The executive and supervisory boards of Immofinanz have recommended to its shareholders that they reject the voluntary partial offer for Immofinanz shares made by rival Austrian real estate company S Immo.

In the opinion of both boards, the offer price made by S Immo of EUR 23 per share is too low, since in their view it represents a significant discount on the current EPRA NTA, EPRA NAV and IFRS book values per share.

The offer price for the app. 25 pct shareholding targeted by S Immo is clearly lower than the premium paid for comparative transactions in the European real estate sector.
Immofinanz executive board members Dietmar Reindl and Stefan Schönauer

However, the price offered by S Immo is still higher than that offered by Czech real estate company CPI PG, which announced an anticipated mandatory takeover bid in December priced at EUR 21.20 per Immofinanz share. CPI PG already owns a 21.4 pct stake in Immofinanz. S Immo’s voluntary partial offer, which was made in response to CPI’s, if successful would bring its stake in Immofinanz up to around 24 pct.

Immofinanz has a real estate portfolio of around 210 properties worth app. EUR 5 bln. The portfolio is focused on the office and retail segments of eight core markets in Europe: Austria, Germany, Poland, the Czech Republic, Slovakia, Hungary, Romania and the Adriatic region. The company’s retail portfolio includes its Stop Shop and Vivo brands, while its office portfolio includes its Myhive brand.

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