CENTRAL EUROPE S Immo recommends CPI takeover

Following an analysis of the takeover offer, the boards consider the amount of EUR 23.50 per share cum-dividend for the financial year 2021 (currently amounting to EUR 22.85 as a result of the dividend of EUR 0.65 per share for that financial year paid on June 13th 2022) to be fair and appropriate.

According to a company statement: ‘The recommendations are made at a time of an uncertain macroeconomic environment. Each shareholder of S Immo must decide for him- or herself, taking into account all relevant circumstances, his or her individual situation including the tax consequences and his or her personal assessment of the future development of the overall economic situation, the target company, the value and the stock price of the S Immo share, whether and to what extent he or she accepts the offer.”

Shareholders of S Immo have until 5pm, August 12th 2022, to accept the offer and thereafter within a three-month additional acceptance period dependent on the number of shares sold achieved within the original offer period.

CPI, which published its official offer for S Immo in July, now has a controlling interest in S Immo with a direct and indirect shareholding of app. 42.55 pct of its voting rights.

At the end of Q1 2022, S Immo Group’s portfolio consisted of 375 properties with a book value of more than EUR 2.8 mln and with a total area of around 1.4 mln, mostly in capital cities within the EU. The value of the portfolio breaks down as: 45.5 pct office buildings, 14.6 pct retail, 32.7 pct residential and 7.2 pct hotels. The occupancy rate of the entire portfolio came to 93.6 pct with an overall rental yield of 5.3 pct.