Austria's Immofinanz increases stake in S Immo for $677.6 million
Recast with details from company statement
Sept 25 (Reuters) -Austria-based real estate company Immofinanz IMFI.VI said on Wednesday it has increased its stake in S Immo SIAG.VI to 89% to become the sole shareholder for 608.5 million euros ($677.63 million).
Immofinanz will acquire the remaining shares from its core shareholder CPI Property Group (CPIPG) O5G.DE and will pay 21.55 euros per S Immo share.
A cash compensation of 22.05 euros per share will be paid to the minority shareholders of S Immo, the statement added.
"With this acquisition, we are taking a further step towards optimizing the Group structure and acquiring 100% of the shares in our subsidiary S Immo after completion of the planned squeeze-out," said Radka Doehring, executive board member of Immofinanz.
The transaction will be financed through a long-term credit facility of 500 million euros by Luxembourg-based commercial landlord CPIPG, Immofinanz said.
($1 = 0.8980 euros)
Reporting by Urvi Dugar; Editing by Alan Barona
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