Competition Council has authorized Immofinanz’s takeover of 29.24 pct of S Immo

Razvan Zamfir 20/09/2018 | 13:25

The Competition Council has authorized the transaction by which Immofinanz will take over of 29.14 percent the real estate company S Immo and, implicitly, the five companies owned by it for EUR 390 million..

According to the Competition Council, the five companies are South American Commercial Development Company (SDCS), Victory Business Plazza, Dual Construct Invest, Roter Real Estate Investments and CII Central Investments Real Estate.

Immofinanz AG signed agreements for the purchase of 19,499,437 bearer shares in S Immo AG, which represent an investment of roughly 29.14 percent, on 18 April 2018. The purchase price of approximately EUR 390 million was financed internally from liquid funds and bank financing of EUR 140 million.

Immofinanz’s properties in Romania have a value of EUR 807.7 million and represent 19 percent of the company’s total portfolio, which includes completed investments amounting to EUR 625.2 million, represented by 9 office buildings (13.8 percent of the entire office portfolio) and 6 retail properties (22.4 percent of the entire retail portfolio).

Besides the activity in Romania, Immofinanz AG is also present in other markets, such as Austria, Germany, Poland, the Czech Republic, Slovakia and Hungary.

Immo is a Austrian stock company, listed on the Vienna Stock Exchange, active in the real estate market in Austria, Germany, the Czech Republic, Slovakia, Hungary, Romania and Croatia.

In Romania, S Immo owns The Mark and Sun Offices office buildings, the Sun Plaza shopping center and the Novotel hotel in Bucharest.

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