BPV Huegel advised Immofinanz on competing takeover bids by the CPI Property Group and S Immo, while Schoenherr advised Immofinanz’ supervisory board. Wolf Theiss reportedly advised CPI on the acquisition.
Immofinanz is a commercial real estate group whose activities are focused on the office and retail segments of core markets in Central and Eastern Europe, with a real estate portfolio worth approximately EUR 5 billion.
CPI is a real estate company in Central and Eastern Europe with a real estate portfolio worth approximately EUR 11.2 billion.
According to BPV Huegel, “CPI set the start in December 2021, announcing an anticipatory mandatory offer for all shares and convertible bonds of Immofinanz. CPI’s stake (together with an agreed block acquisition) was already around 32% at that time. S Immo, which also holds a stake in Immofinanz, subsequently published a competing partial offer to increase its stake by 10% at a higher offer price. By means of a further block acquisition and an agreement with S Immo to sell its stake, CPI completed its offer with an increased offer price, from EUR 21.2 to EUR 23, with the acquisition of a majority stake in Immofinanz in March 2022.”
Schoenherr’s team included Partner Sascha Hoedl and Counsel Sascha Schulz.
BPV Huegel’s team was led by Partner Christoph Nauer and included Partners Daniel Reiter, Astrid Ablasser-Neuhuber, and Nicolas Wolski and Attorneys Roland Juill, Johannes Mitterecker, Sebastian Reiter, and Barbara Valente.