IMMOFINANZ sells its approx. 26% stake in CA Immo for a total price of approx. EUR 760m to Starwood Capital. The sale to Starwood is the result of a structured bidding process.
Mödling/Vienna, 12 July 2018. bpv Hügel has advised IMMOFINANZ AG on the structured bidding process and the package sale of the 26% stake in VSE listed CA Immobilien Anlagen AG (CA Immo). The 25,690,163 bearer shares and the four registered shares are sold to SOF-11 Starlight 10 EUR S.à r.l., an affiliate company of the Starwood Capital group, USA. The selling price for all shares in the transaction totals approx. EUR 760m. The transaction is subject to merger control approval and the approval of the management board of CA Immo for the transfer of the registered shares. The closing is expected to take place in Q3.
The sale took place in an international structured bidding process started by IMMOFINANZ in April 2018.
After the advice to IMMOFINANZ on the EUR 390m acquisition of the 29.14% stake in the VSE listed S IMMO AG, this transaction was already the second large-cap public M&A transaction this year on which bpv Hügel advised IMMOFINANZ.
The transaction underlines the strength of bpv Hügel for transactional work combining corporate/M&A, capital market and take-over law know-how.
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.
The bpv Hügel team, which advised IMMOFINANZ on all legal aspects of the transaction, was led by Christoph Nauer (partner, corporate/M&A), supported by Thomas Lettau (partner, corporate/M&A), Gerald Schachner (partner, tax), Astrid Ablasser-Neuhuber (partner, competition), Holger Steinborn (corporate/M&A), Daniel Reiter (corporate/M&A, capital markets), Roland Juill (corporate/M&A, capital markets), Julia Nicolussi (corporate/M&A, capital markets) and Franz Stenitzer (competition).
Starwood Capital was advised by Schönherr, attorneys at law.