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IMMOFINANZ selling CA Immobilien stake for €758M

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IMMOFINANZ selling CA Immobilien stake for €758M

IMMOFINANZ AG is selling its approximately 26% stake in fellow Austrian property company CA Immobilien Anlagen AG to an affiliate of private equity firm Starwood Capital Group for about €757.9 million.

The supervisory board of IMMOFINANZ approved the sale of 25,690,163 bearer shares and four registered shares in CA Immo at 29.50 per share to SOF-11 Starlight 10 EUR SARL in a deal expected to close in the third quarter.

The company expects to raise net proceeds of about 507.9 million from the transaction and expects to use part of the proceeds to fund a repurchase of up to 9,708,526 shares, representing about 8.66% of its outstanding share capital.

The share buyback is expected to start July 16.