IMMOFINANZ AG (“IMMOFINANZ”) and S IMMO AG (“S IMMO”) have signed a framework agreement which establishes a joint process to review further alignment, coordination, merger or other forms of integration across the two groups. CPI Property Group (“CPIPG”) will participate in the project as a supporting shareholder. The ultimate objective is to identify synergies and efficiencies that will improve transparency and profitability for all stakeholders.
“Both IMMOFINANZ and S IMMO have superb real estate portfolios managed by local teams of experienced professionals,” said Radka Doehring, Executive Chairwoman of IMMOFINANZ. “This framework agreement allows both companies to share best practices and chart a path to greater synergies. With the strong support of CPIPG, I am confident that this process will be successful.”
CPIPG owns approximately 76.9% of IMMOFINANZ (106,579,581 shares). IMMOFINANZ has a majority investment of 50% plus one share in S IMMO (36,804,449 shares), while CPIPG holds roughly 38.4% of the share capital of S IMMO (28,241,094 shares).