Planned Immofinanz-CA Immo merger postponed
18:27
Vienna and Warsaw Stock Exchange-listed developer and investor Immofinanz has revealed changes in the previously announced preliminary timetable for its planned merger with Vienna Stock Exchange-listed real estate company CA Immo. A vote on the merger, which was earlier expected to take place in the second half of next year, will now not be held until 2018. “The shareholder meetings to vote on the merger are expected, from the current point of view, to take place in 2018,” Immofinanz has said in a statement. The reason for the delay is the planned divestment by Immofinanz of the company's Russian property portfolio, which is a major condition for the intended merger. Due to the recent stabilization of the Russian economy, Immofinanz now wants to schedule a longer period for the divestment than originally planned. “A structured bidding process for Immofinanz's Moscow shopping centers is scheduled to start at the beginning of 2017. According to current estimates, the transaction should close in 2017,” the company said in the statement. Immofinanz is known in Poland for properties including the Empark Mokotów office complex in Warsaw and the Tarasy Zamkowe shopping center in Lublin. The Polish portfolio of CA Immo includes a number of office assets located in the downtown of Warsaw, among them Saski Crescent, Saski Point and Warsaw Towers.
