PATRIZIA Immobilien AG confirmed its guidance for full-year 2017 and launched a share buyback program.
For 2017, the company expects its operating income for the full year to reach between €60 million and €75 million.
The share buyback program of 2,298,850 shares was launched via a voluntary public share buyback offer, with a cash consideration in the range of €15.90 per share to €17.40 per share, reflecting a premium of about 0.2% to 9.7% above the arithmetic mean closing prices of the three trading days of Aug. 3, Aug. 4 and Aug. 7.
The company will determine the final purchase price following the end of the acceptance period, which commences Aug. 10 and ends Sept. 7.
PATRIZIA also reserves the option to purchase an additional 845,800 shares at the final purchase price in case of an over-acceptance of the offer.
The company may use the acquired shares as consideration for business combinations or for acquisitions of companies or stakes in companies, among other lawfully permitted purposes.