IMMOFINANZ purchased a 29.14% stake in the VSE listed S IMMO AG for a total purchase price of approx. EUR 390m.
IMMOFINANZ entered into share purchase agreements for the purchase of 19,499,437 bearer shares representing a stake of 29.14% in S IMMO AG on 18 April 2018. The shares were sold from companies of the RPR group (approx. 14.6m shares) and the SIGNA group (approx. 4.9m shares). Following the issuance of the relevant merger control approvals, the closing of the transaction took place on 21 September 2018 together with the transfer of the acquired S IMMO shares to IMMOFINANZ.
bpv Grigorescu Stefanica advised IMMOFINANZ as purchaser on the merger control clearance for the transaction in Romania starting from the pre-notification phase until the issuance of the clearance decision by the Romanian Competition Council (RCC). In particular, bpv Grigorescu Stefanica advised on the conditions for notification to the RCC, prepared and filed the notification of the economic concentration with the RCC and represented the purchaser in the preliminary consultations with the RCC and throughout the entire assessment process for the transaction by the RCC.
The bpv Grigorescu Stefanica team was led by Catalin Grigorescu, Managing Partner and comprised Cristina de Jonge, Managing Associate, Andreea Carare, Senior Associate and Denisa Postea, Associate.
The advice by bpv Grigorescu Stefanica was part of the transaction work by the bpv Legal alliance offices throughout the CEE region from Austria, Hungary, Czech and Slovak Republic and Romania. bpv Huegel (Austria) was in the lead for the transaction, advising the purchaser on all legal aspects in relation thereof, in particular corporate, capital market and takeover law, as well as merger control.
S IMMO is a real estate investment company with focus on capital cities in Austria, Germany, the Czech Republic, Slovakia, Hungary, Romania and Croatia. Its portfolio has a value of approx. EUR 2bn, predominantly consisting of offices, shopping centres and hotels and, in addition, residential properties. In Romania, S IMMO owns the Sun Offices office building, Sun Plaza shopping center and Novotel hotel, all located in Bucharest. S IMMO is listed on the Vienna stock exchange (leading ATX index).
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.