IMMOFINANZ AG (“IMMOFINANZ”) is acquiring 17,305,012 shares in S IMMO AG (“S IMMO”) from its core shareholder, CPI Property Group (“CPIPG”), thus obtaining a controlling stake in S IMMO of 50% plus one share. The purchase price amounts to EUR 337.5 million or EUR 19.5 per S IMMO share. The transaction will be financed through a long-term credit facility provided to IMMOFINANZ by CPIPG. The share purchase agreement was signed today, 19 December 2022. The closing of the transaction will take place before the end of 2022; consequently, IMMOFINANZ will fully consolidate S IMMO in the 2022 annual financial statements.
“With this acquisition, IMMOFINANZ has achieved a long-term strategic goal. The consolidation of the two companies will be value accretive and leads to a stronger market position and allows us to capture synergies,” explains Radka Doehring, Executive Chairwoman of IMMOFINANZ.
The purchase price for the shares was negotiated between IMMOFINANZ and CPIPG based on a standard market valuation method and price parameters and is backed by a fairness opinion of an independent investment bank. The long-term financing granted by CPIPG is based on market conditions and has a term until March 2028. Repayments will be made continuously out of available funds; IMMOFINANZ has the option to make early repayments.