The Executive Board and Supervisory Board of Immofinanz announce that the price offered by CPI Property Group for the Immofinanz share is significantly lower than the current value of the company and does not reflect Immofinanz’s ‘substantial growth potential’, a release shows.

The Executive Board, Supervisory Board and Works Council of Immofinanz today issued statements in which they indicate that the offer price of EUR 21.20 per share is viewed as not attractive and recommend that investors not accept the offer by CPIPG for Immofinanz’s shares and convertible bonds.

“The offer price does not sufficiently reflect Immofinanz’s outstanding performance in 2021 or the potential of its value-creating strategy. Successful crisis management and a solid financing structure with an investment grade rating have formed the basis for top performance and a fast-tracked growth course. Immofinanz generated the best results in the past 10 years during the first three quarters of 2021 despite the ongoing negative effects of the COVID-19 pandemic: The results of operations (+60% to EUR 180.4 million) and net profit (EUR 295.7 million after EUR -98.3 million) increased substantially and even topped the very good pre-crisis level,” the company said.

Executive Board members Dietmar Reindl and Stefan Schönauer: “The entry of the CPI Property Group, one of the leading commercial property companies in Central Europe, is further proof of our company’s high attractiveness and great growth opportunities. However, these positive future perspectives are contrasted by an offer price that does not reflect the current value of the company, our strong performance during the 2021 financial year or the earnings and growth opportunities created by our value-creating expansion strategy. We therefore recommend that our shareholders and convertible bondholders not accept the offer from the CPI Property Group and, together, realise the great potential inherent in Immofinanz.“