25 September 2024

CPI Property Group – Sale of S IMMO AG shares to IMMOFINANZ AG

Press Release – Corporate News

Luxembourg, 25 September 2024

CPI PROPERTY GROUP (“CPIPG” or the “Group”) hereby announces the sale of 28,241,094 shares in S IMMO AG ("S IMMO") to IMMOFINANZ AG (“IMMOFINANZ”). The total number of shares sold will result in IMMOFINANZ increasing its stake in S IMMO to around 89%.

The total purchase price consideration amounts to €608.5 million or €21.55 per S IMMO share. The purchase price for the shares was negotiated between CPIPG and IMMOFINANZ based on the cash compensation of €22.05 to be paid to the minority shareholders of S IMMO in the planned squeeze-out, less a discount of €0.50 per share.

The transaction will be partly financed through a long-term credit facility of €500 million provided by CPIPG to IMMOFINANZ. The financing terms are also based on current market conditions with optional prepayments to be made continuously throughout the duration of the facility. The sale purchase agreement was signed today, with closing to take place immediately thereafter.

The transaction qualifies as a related party transaction given that CPIPG consolidates IMMOFINANZ and S IMMO. Thus, there will be no impact on the Group’s consolidated financial position as a result of this transaction.

No comments:

Post a Comment