Ad-hoc announcement
Vienna, 24 May 2024
Today, the Supervisory Board of IMMOFINANZ AG (“IMMOFINANZ”) approved the commencement of preparations for a squeeze-out of S IMMO AG (“S IMMO”) in accordance with the Austrian Squeeze out Act (Gesellschafter-Ausschlussgesetz). In the course of the squeeze-out, shares in S IMMO (AT0000652250) held by minority shareholders shall be transferred to IMMOFINANZ as main shareholder in exchange for appropriate cash compensation.
Together with its parent company CPI Property Group S.A. ("CPIPG"), IMMOFINANZ holds a stake of approximately 88.37% in the share capital of S IMMO (taking into account the treasury shares of S IMMO of approximately 92.54%), meaning that IMMOFINANZ is classified as a main shareholder under the Austrian Squeeze-out Act. The squeeze-out currently relates to 5,246,664 S IMMO shares, which corresponds to approximately 7.13% of the share capital.
Following the completion of preparatory steps, and subject to further legal, tax and financial review, IMMOFINANZ as main shareholder would submit a request to S IMMO to initiate the procedure under the Austrian Squeeze-out Act. The cash compensation for the acquisition of the S IMMO shares will be determined based on a valuation report to be obtained. The squeeze-out will then be submitted for approval at a shareholders' meeting of S IMMO.
On IMMOFINANZ
IMMOFINANZ is a commercial real estate group whose activities are focused on the office and retail segments of eight core markets in Europe: Austria, Germany, Poland, Czech Republic, Slovakia, Hungary, Romania and the Adriatic region. The core business covers the management and development of properties, whereby IMMOFINANZ relies on its established real estate brands – STOP SHOP (retail), VIVO! (retail) and myhive (office) – and also on complementary products and portfolios that include S IMMO. IMMOFINANZ increased its investment in S IMMO to 50% plus one share at the end of 2022 and now consolidates this company in full. IMMOFINANZ Group holds more than 500 properties with a combined value of approximately EUR 8.2 billion. IMMOFINANZ is listed on the stock exchanges in Vienna (leading ATX index) and Warsaw. Further information under: https://www.immofinanz.com
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