Mints' O1 Group buying stake in Austrian CA Immo from UniCredit for 295 mln euro
MOSCOW. Oct 3 (Interfax) - Boris Mints' O1 Group is buying 16.35% stake in Austrian CA Immobilien Anlagen AG (CA Immo), which specializes in the management of office real estate, from UniCredit for 295 million euro at 18.5 euro per share, CA Immo said in a statement.
"The 15,954,891 ordinary shares to be sold to O1 Group Limited represent the entire participation currently held by UniCredit in CA Immo and correspond to approximately 16.35% of the outstanding share capital and voting rights of CA Immo. The shares include 15,954,887 bearer shares and four registered shares, each of which entitles its holder to delegate one member to CA Immo's supervisory board. O1 Group Limited informed CA Immo that it currently has no intention to exercise these special rights attached to the CA Immo registered shares. The closing of the acquisition by O1 Group Limited of UniCredit's shares in CA Immo is subject to the fulfillment of customary conditions precedent, such as merger control clearance, and expected to occur in November 2014," the company said.
"In addition to this transaction, O1 Group intends to launch a voluntary public takeover bid for up to approximately 26% of the issued ordinary shares of CA Immobilien Anlagen Aktiengesellschaft. The voluntary public partial offer is subject to the successful closing of the acquisition of the 15,954,891 ordinary shares from UniCredit Bank Austria AG," O1 said in a statement. O1 could therefore pay around 470 million euro on CA Immo shares.
"We welcome O1 as our new anchor shareholder. O1 has significant expertise with commercial real estate and we have known them for a long time as a very professional real estate investor," Bruno Ettenauer, CEO of CA Immo, is quoted in the statement as saying.
CA Immo manages commercial real estate in Germany, Austria, Hungary, Serbia, Croatia, Romania, the Czech Republic, Slovakia, Poland, Bulgaria and Russia. The company's projects were estimated at 3.8 billion euro at the end of 2013, but currently total 3.5 billion euro, according to O1's statement. CA Immo's market capitalization is around 1.6 billion euro on the Vienna Stock Exchange.
O1 Group owns O1 Properties, which has Class A and B office real estate in Moscow and is headed by Mints' son Dmitry. The market value of the company's portfolio is estimated at $4.5 billion. Other shareholders of O1 Properties include ICT Group (26%) and Goldman Sachs International (12%). Based on an August deal between O1 Group and GC for the sale of 6% stake, O1 Properties as a whole could be valued at $1.6 billion.