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CPI Europe AG — M&A Activity 2016
Dec 19, 2016
746_rns_2016-12-19_2d440702-9efc-40c4-a09e-6750fc84a216.pdf
M&A Activity
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Ad-hoc announcement Vienna, 19 December 2016
IMMOFINANZ AG adjusts the preliminary timetable for the planned merger with CA Immobilien Anlagen AG
IMMOFINANZ AG is announcing a change in the preliminary timetable for the intended merger with CA Immobilien Anlagen AG. The reason is the planned divestment of IMMOFINANZ's Russian property portfolio, which is a condition for the merger of the two companies. The Executive Board and Supervisory Board of IMMOFINANZ today decided to schedule a longer period than originally considered for the process to separate the Russian properties. The recent stabilisation of the economy in Russia has contributed to this decision.
A structured bidding process for IMMOFINANZ's Moscow shopping centers is scheduled to start at the beginning of 2017. According to current estimates, the transaction should close in 2017.
The detailed merger discussions between IMMOFINANZ and CA Immo will be rescheduled until the separation of IMMOFINANZ's Russian portfolio is completed. In the interim, IMMOFINANZ will use the time as best as possible to prepare for the planned merger. The shareholder meetings to vote on the merger are expected, from the current point of view, to take place in 2018.
On IMMOFINANZ
IMMOFINANZ is a commercial real estate group whose activities are focused on the retail and office segments of eight core markets in Europe: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and Moscow. The core business covers the management and development of properties, whereby the STOP SHOP (retail), VIVO! (retail) and myhive (office) brands represent strong focal points that stand for quality and service. The real estate portfolio has a value of approx. EUR 5.4 billion and covers more than 360 properties. IMMOFINANZ is listed on the stock exchanges in Vienna (leading ATX index) and Warsaw. Further information under: http://www.immofinanz.com
For additional information contact:
Bettina Schragl Head of Corporate Communications and Investor Relations IMMOFINANZ T +43 (0)1 88 090 2290 M +43 (0)699 1685 7290 [email protected] [email protected]