Mobimo Holding AG reached an agreement for an amicable takeover of fellow Swiss real estate company Immobiliengesellschaft Fadmatt AG.

Mobimo is offering CHF28,000 per Fadmatt share, or CHF183 million in total, at least half of which will be paid in the form of new shares from Mobimo's authorized capital.

The deal requires at least 67% of Fadmatt shares to be tendered. In a release, Mobimo said the offer has already been accepted by over 50% of the target company's shares.

Fadmatt provides low-cost apartments with a 503-unit portfolio across seven locations in Zurich and Schaffhausen, Switzerland. The roughly CHF289 million portfolio delivers an annual rental income of more than CHF10 million.

In January, Mobimo submitted a CHF140 million, or CHF21,000 per share, proposal for a majority stake in Fadmatt. Fadmatt's board decided to support the new, increased offer following a structured sales process, according to the release.

Mobimo plans to integrate Fadmatt's properties into its portfolio and take over their management.