Business news for the stock market

Vienna (pta024/23.01.2023/12:20) - S IMMO AG ("S IMMO") and IMMOFINANZ AG ("IMMOFINANZ") have signed a framework agreement which establishes a joint process to review further alignment, coordination, merger or other forms of integration across the two groups. CPI Property Group ("CPIPG") will participate in the project as a supporting shareholder. The ultimate objective is to identify synergies and efficiencies that will improve transparency and profitability for all stakeholders.

"S IMMO sees excellent potential for synergies between our groups," said Herwig Teufelsdorfer, member of the Management Board of S IMMO. "Combining best practices, resources and experience is the best way to build upon our shared success as real estate experts in Central and Eastern Europe."

IMMOFINANZ has a majority investment of 50% plus one share in S IMMO (36,804,449 shares), while CPIPG holds roughly 38.4% of the share capital of S IMMO (28,241,094 shares). CPIPG owns approximately 76.9% of IMMOFINANZ (106,579,581 shares).

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emitter: S IMMO AG
address: Friedrichstraße 10, 1010 Wien
country: Austria
contact person: Elisabeth Wagerer
phone: +43 1 22795-1120
e-mail: elisabeth.wagerer@simmoag.at
website: www.simmoag.at

ISIN(s): AT0000652250 (share)
stock exchanges: official trade in Vienna

[ source: https://www.pressetext.com/news/20230123024 ]