S IMMO AG completes profitable sale of IMMOFINANZ shares and puts focus on its core business
With the sale of its 12.69% stake in IMMOFINANZ AG, which was closed yesterday, S IMMO has generated proceeds from the sale and cash inflow of more than EUR 400 million. The equity investment thus has generated a total return (including dividends) of approximately EUR 81 million over the entire investment period. Compared to the last consolidated financial statements as of 30 September 2021, the sale including the dividend payment received in October 2021 results in a positive effect before taxes of approximately EUR 55 million.
S IMMO has disposed of its investment in IMMOFINANZ AG following the sale of its investment in CA IMMO in 2021. As a result, the company can now fully concentrate on its core business of letting and managing profitable properties in Germany, Austria and Central and Eastern Europe, as well as acquiring properties with high potential for value growth. Currently, several interesting acquisitions are in the pipeline.
The offer price of EUR 23.00 per share has been 8.5% higher than the price originally offered by CPI Property Group S.A. of EUR 21.20. Bruno Ettenauer, CEO of S IMMO AG, comments: "As a result of our partial offer for IMMOFINANZ shares, we have succeeded in selling our stake in IMMOFINANZ at an improved price. The situation and liquidity thus created puts us in an excellent position to significantly expand our real estate portfolio and increase the earnings potential of S IMMO. This represents a further step towards sustainably enhancing the value of S IMMO."