Starwood Capital rendered public offers to acquire approx. 5 percent IMMOFINANZ shares and 26 percent CA Immo shares with a total offer price of EUR 800mn. The offers resulted in a limited take up. bpv Huegel advised IMMOFINANZ as target company and shareholder of CA Immo in connection with the public offers.
Vienna/Moedling, 30 June 2018. SOF-11 Starlight 10 EUR S.à r.l., a group company of Starwood Capital, rendered in April 2018 voluntary public offers for up to 26 percent of shares in VSE listed CA Immobilien Anlagen AG (“CA Immo”) for an offer price in total of approx. EUR 700mn and up to 5 percent of shares in VSE listed IMMOFINANZ AG for an offer price in total of approx. EUR 100mn. IMMOFINANZ is the core shareholder of CA Immo holding a 26 percent stake and four name-registered shares with delegation rights to the supervisory board of CA Immo.
The boards of IMMOFINANZ rejected the offer. Both public offers of Starwood Capital resulted only in a limited take up (each below 0.5% percent).
bpv Huegel advised IMMOFINANZ on all aspects as target company as well as shareholder in CA Immo in connection with the public offers, in particular on corporate and takeover law issues. Further, on the EUR 360mn acquisition of 29.15 percent shares in S IMMO AG (listed on the VSE) and the launch of the structured bidding process to sell the 26 percent stake in CA Immo (including the four name-registered shares) during the offer periods, respectively.
IMMOFINANZ focuses on the retail and office segments of seven core markets in Europe: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania and Poland. The core business covers the management and development of properties. The real estate portfolio has a value of approx. EUR 4.2bn. IMMOFINANZ is listed on the stock exchange in Vienna (leading ATX index) and Warsaw.
CA Immo specialises in office properties in Central European capitals. The company operates in the core markets of Austria, Germany, Poland, Hungary, Czech Republic and Romania. CA Immo holds property assets of around EUR 3.8bn and is listed on the Vienna Stock Exchange (leading ATX index).
Starwood Capital Group is a private alternative investment firm with a core focus on global real estate, energy infrastructure and oil & gas and currently manages approximately USD 56bn in assets.
The bpv Huegel team was led by Christoph Nauer (partner, corporate/M&A, capital markets) supported by Thomas Lettau (partner, corporate/M&A), Gerald Schachner (partner, tax), Daniel Reiter (corporate/M&A, capital markets), Roland Juill (corporate/M&A, capital markets), Julia Nicolussi (corporate/M&A, capital markets).
Starwood Capital was advised by Schoenherr, attorneys at law. Freshfields advised CA Immo.