Immofinanz Bids for Stake in CA Immobilien

FRANKFURT--Austrian real-estate investor Immofinanz AG (IIA.VI) said Monday that it plans to bid EUR18.50 ($19.96) a share for a stake of up to 29% in its peer CA Immobilien Anlagen AG (CAI.VI).

The move comes after CA Immo and Russian O1 Group Limited earlier this month offered to buy an additional 13.5% in Immofinanz for EUR2.80 a share. CA Immo at that time already held approximately 3% of the company.

Immofinanz' counter offer, which is still subject to approval by antitrust authorities, is worth about EUR530 million, Immofinanz said.

"CA Immo fits well with Immofinanz in regard to its core countries and asset classes, and our long-standing experience in Central and Eastern Europe would allow us to support the management in realizing their planned course for further expansion in these countries," said Immofinanz Chief Executive Eduard Shatner.

Immofinanz's property portfolio comprises more than 470 investment properties with a carrying amount of around EUR6.8 billion.

-Write to Natascha Divac at [e-mail]

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