Immofinanz and CA Immo start merger process

Newsroom 18/04/2016 | 14:32

Immofinanz AG announced that it has entered into an agreement to acquire 26,690,167 ordinary shares that represent around 26 percent of the outstanding share capital and voting rights in CA Immobilien Anlagen Aktiengesellschaft from O1 Group Limited and Terim Limited, according to a joint press release from the two companies.

The transaction includes 25,690,163 bearer shares and four registered shares, each of which entitles its holder to delegate one member to CA Immo’s supervisory board. Expected to take place in summer 2016, the closing of the acquisition is subject to merger control clearance as well as the approval of the Immofinanz supervisory board and the approval of the CA Immo management board for the transfer of the registered shares.

Immofinanz has proposed that the acquisition of the CA Immo stake is a first step towards a planned full combination of Immofinanz and CA Immo by way of a statutory merger (“Verschmelzung”). Prior to the envisaged merger, Immofinanz is planning to demerge or sell its Russian asset portfolio, which is characterized by different market dynamics and a higher risk profile, adds the press release.

Last November, the Immofinanz group announced that it was on track to deliver the Metroffice office project in Bucharest in Q2 of 2016. Metroffice is located in the Dimitrie Pompeiu area and will be made up of three buildings spanning a gross leasable area of 40,000 sqm. The office scheme is expected to provide work spaces for about 5,000 employees.

In the first half of the 2015/16 financial year, rental income from the Romanian properties of the Immofinanz group reached EUR 22.2 million, accounting for 13.9 percent of the developer’s total rental income.

Andreea Tint

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