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Jan 26, 2022
, Bloomberg News
(Bloomberg) -- CPI Property Group SA’s efforts to push through a consolidation of Austria’s landlords received a boost after activist investor Petrus Advisers agreed to sell its stake in Immofinanz AG.
Petrus will sell its 8% stake in Immofinanz for 22.70 euros ($25.56) per share to CPI, according to a statement late Wednesday. That’s higher than the 21.20 euros CPI set out in a mandatory takeover offer, and CPI will now offer the higher price to all other shareholders.
If completed, the deal would raise CPI’s Immofinanz stake to 35.5%. An eventual majority holding in Immofinanz, in turn, would give it a significant stake in S Immo AG, potentially opening the way to a merger.
However, the situation is complicated by an offer of 23 euros put forward by S Immo in its competing bid for almost 10% of Immofinanz. Petrus said it chose to sell its stake to CPI as S Immo’s offer carried a high degree of uncertainty and wouldn’t allow it offload all of its holding.
Years of cross-ownership have left Austria’s landlords in gridlock and with diminished valuations as investors tried to untangle the links and create a company that can compete with the largest European players.
A spokesperson for S Immo declined to immediately comment when reached by phone.
©2022 Bloomberg L.P.
