Austria's Immofinanz increases stake in S Immo for $677.6 million (updated)

S IMMO AG

25/09/2024 20:03

(Recast with details from company statement)
       Sept 25 (Reuters) - Austria-based real estate company
Immofinanz  IMFI.VI  said on Wednesday it has increased its
stake in S Immo  SIAG.VI  to 89% to become the sole shareholder
for 608.5 million euros ($677.63 million).
    Immofinanz will acquire the remaining shares from its core
shareholder CPI Property Group (CPIPG)  O5G.DE  and will pay
21.55 euros per S Immo share.
    A cash compensation of 22.05 euros per share will be paid to
the minority shareholders of S Immo, the statement added.
    "With this acquisition, we are taking a further step towards
optimizing the Group structure and acquiring 100% of the shares
in our subsidiary S Immo after completion of the planned
squeeze-out," said Radka Doehring, executive board member of
Immofinanz.
    The transaction will be financed through a long-term credit
facility of 500 million euros by Luxembourg-based commercial
landlord CPIPG, Immofinanz said.

($1 = 0.8980 euros)

 (Reporting by Urvi Dugar; Editing by Alan Barona)
 ((UrviManoj.Dugar@thomsonreuters.com))