WOOD Flash – Immofinanz: Vitek steps in, buying 8.4% stake
Radovan Patrick Vitek, the son of Radovan Vitek, the owner and founder of CPI Property Group and one of the richest Czechs, has agreed to buy an 8.4% stake in Immofinanz from his compatriot Tomas Krsek, who has built up his Immofinanz position during the past year. Mr. Vitek’s CPI is the largest real estate landlord in CEE by asset value, and is currently, jointly with Aroundtown, about to launch a voluntary takeover bid for Globalworth. Given Mr. Vitek’s extensive real estate holdings in CEE, we are inclined to view the move into Immofinanz as a strategic, rather than just a financial investment. That said, even if we are right, given the sheer number of involved parties, it is difficult to get a clear view on the most likely paths forward. We note that a combined entity of CPI, Globalworth, Immofinanz and S Immo would have a portfolio value of approximately EUR 20bn, and would rank among the leading European real estate players. Aroundtown, CPI’s co-investor in Globalworth, has a portfolio worth EUR 24bn. A combined entity (including Aroundtown) could have a portfolio value close to that of Unibail Rodamco (EUR 56bn) or Vonovia (EUR 59bn), and could rank among the top-three largest listed European real estate landlords, in our view.Immofinanz AG is an Austria-based real estate company that invests in commercial properties. The Company's core activities are the management and development of retail and office properties in selected Central and Eastern European countries. The Company focuses its operations on such markets as Austria, Germany, the Czech Republic, Slovakia, Hungary, Slovenia, Romania and Poland. The Company manages a portfolio of approximately 240 properties, covering rentable space of approximately 1.8 million square meters. In the office sector, the Company concentrates on the capital cities of the core countries and the major office locations in Germany with its international myhive brand. The Company's activities in the retail sector are based on the brands STOP SHOP for retail parks and VIVO! for shopping centers which are designed for secondary and tertiary cities of Central and Eastern Europe.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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