CPI Property Group
(société anonyme)
40, rue de la Vallée
L-2661 Luxembourg
R.C.S. Luxembourg: B 102 254
                                                                                                                        

Press Release - Corporate News

Luxembourg, 20 December 2022

CPI PROPERTY GROUP – Sale of S IMMO AG shares to IMMOFINANZ AG

CPI PROPERTY GROUP (“CPIPG” or the “Group”) hereby announces the sale of 17,305,012 shares in S IMMO AG ("S IMMO") to IMMOFINANZ AG (“IMMOFINANZ”). The total number of shares sold will result in IMMOFINANZ obtaining a controlling stake in S IMMO of 50% plus one share, considering the stake that IMMOFINANZ already owns.

The total purchase price consideration amounts to €337.5 million or €19.50 per S IMMO share. The transaction will be financed through a bridge loan facility provided by CPIPG to IMMOFINANZ. The purchase price for the shares was negotiated between CPIPG and IMMOFINANZ based on standard market valuation methodology and price parameters and is backed by a fairness opinion from a reputable leading independent investment bank. The bridge loan financing terms are also based on the current market conditions with optional prepayments to be made continuously through the duration of the facility.

The sale purchase agreement was signed on 19 December 2022, and the closing of the transaction will occur before the end of 2022. While IMMOFINANZ will fully consolidate S IMMO in its 2022 annual financial statements, there will be zero impact on the Group’s financial position considering that both IMMOFINANZ and S IMMO were fully consolidated from 31 March and 30 June 2022, respectively.

Investor Relations

David Greenbaum
Chief Financial Officer

Moritz Mayer
Manager – Capital Markets

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