CPI PROPERTY GROUP
CPI PROPERTY GROUP – Sale of S IMMO AG shares to IMMOFINANZ AG
EQS-News: CPI PROPERTY GROUP
/ Key word(s): Miscellaneous
CPI Property Group Press Release – Corporate News Luxembourg, 20 December 2022
CPI PROPERTY GROUP (“CPIPG” or the “Group”) hereby announces the sale of 17,305,012 shares in S IMMO AG (“S IMMO“) to IMMOFINANZ AG (“IMMOFINANZ”). The total number of shares sold will result in IMMOFINANZ obtaining a controlling stake in S IMMO of 50% plus one share, considering the stake that IMMOFINANZ already owns. The total purchase price consideration amounts to €337.5 million or €19.50 per S IMMO share. The transaction will be financed through a bridge loan facility provided by CPIPG to IMMOFINANZ. The purchase price for the shares was negotiated between CPIPG and IMMOFINANZ based on standard market valuation methodology and price parameters and is backed by a fairness opinion from a reputable leading independent investment bank. The bridge loan financing terms are also based on the current market conditions with optional prepayments to be made continuously through the duration of the facility. The sale purchase agreement was signed on 19 December 2022, and the closing of the transaction will occur before the end of 2022. While IMMOFINANZ will fully consolidate S IMMO in its 2022 annual financial statements, there will be zero impact on the Group’s financial position considering that both IMMOFINANZ and S IMMO were fully consolidated from 31 March and 30 June 2022, respectively.
Investor Relations David Greenbaum Moritz Mayer For more on CPI Property Group, visit our website: www.cpipg.com
20.12.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News – a service of EQS Group AG. |
Language: | English |
Company: | CPI PROPERTY GROUP |
40, rue de la Vallée | |
L-2661 Luxembourg | |
Luxemburg | |
Phone: | +352 264 767 1 |
Fax: | +352 264 767 67 |
E-mail: | contact@cpipg.com |
Internet: | www.cpipg.com |
ISIN: | LU0251710041 |
WKN: | A0JL4D |
Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Dusseldorf, Stuttgart |
EQS News ID: | 1517113 |
End of News | EQS News Service |