An affiliate of U.S.-based private equity firm Starwood Capital Group launched independent offers to buy stakes in Austrian real estate companies CA Immobilien Anlagen AG and Immofinanz AG, subject to certain conditions.
SOF-11 Starlight 10 EUR S.à r.l. Luxembourg is offering €27.50 per share, subject to adjustments, for shareholders of CA Immobilien, where it aims to acquire up to 25,690,167 bearer shares or 26% of the target's overall issued bearer shares. The total offer could reach up to approximately €706.5 million.
Starwood is offering to purchase up to 55,831,570 bearer shares of Immofinanz, or 5% of its overall issued bearer shares, for €2.10 per share, representing a gross price of €117.2 million.
The bidder does not intend to completely acquire both companies, Starwood said in a release, adding that CA Immobilien will remain listed on the Vienna Stock Exchange, while Immofinanz will retain its double listing on the Vienna and Warsaw bourses upon completion of the offers.
UBS is acting as the financial adviser, while Schönherr Rechtsanwälte GmbH is serving as its legal adviser with Austria's takeover commission.
The proposed merger between Immofinanz and CA Immobilien was recently suspended and Immofinanz said it would consider other strategic options, including a sale of the CA Immobilien investment. Immofinanz has a 26% stake in CA Immobilien, which it bought in 2016.