 |
| 23.07.2008 |
|
| Extraordinary General Meeting of IMMOFINANZ
approves Acquisition of the Real Estate Division
of Constantia Privatbank
|
On Wednesday, July 23, 2008 the shareholders of IMMOFINANZ approved the motion of the executive board and supervisory board to acquire all of Constantia Privatbank’s real estate activities together with its subsidiary IMMOEAST. This leads to an internalisation of the company’s management and the IMMOFINANZ group will have a strong real estate services division in the future.
For the price of EUR 146 million IMMOFINANZ will acquire the management contract with Constantia Privatbank and for EUR 30 million a stake of 40 percent in the remaining real estate activities and real estate subsidiaries of Constantia Privatbank. These include Constantia Privatbank’s real estate asset management division and the subsidiaries CPB Immobilien KAG (real estate funds), Constantia Immobilien Development and Credo (real estate development), IMV Immobilienmanagement und -verwaltung (property and facility management) and CPB Immobilientreuhand (49 percent, real estate brokerage and valuation).
477 shareholders and shareholder representatives attended the extraordinary general meeting. The motion of the executive board and supervisory board was approved by 98.02 percent of the votes.
The realisation of the transaction just decided on at the general meeting is dependent upon whether the subsidiary IMMOEAST will approve the purchase of the remaining 60 percent of Constantia Privatbank’s real estate division at its extraordinary general meeting. IMMOFINANZ, which holds a stake of 54.64 percent in IMMOEAST, announced it will approve the relevant motion at the extraordinary general meeting of IMMOEAST. |
|
