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| 25.07.2008 |
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| IMMOFINANZ AG: After the Approval by the Shareholders of IMMOFINANZ on 23 July 2008, also IMMOEAST's Shareholders approve the Acquisition of CONTANTIA PRIVATBANK's Real Estate Division.
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Vienna, 25 July 2008. After the extraordinary shareholders' meeting of IMMOFINANZ AG had approved the acquisition of 40% of the real estate division of CONSTANTIA PRIVATBANK by IMMOFINANZ AG on 23 July 2008, today's extraordinary shareholders' meeting of IMMOEAST AG approved the acquisition of the remaining 60% by IMMOEAST AG with a majority of 99.54% of the votes cast.
Subject to merger control clearance, IMMOFINANZ AG and IMMOEAST AG expect to close the joint acquisition of the entire real estate division in October 2008. IMMOFINANZ AG's portion of the total purchase price of EUR 440 mio amounts to 40%. The real estate division of CONSTANTIA PRIVATBANK includes, in particular, the real estate management business as well as participations in, inter alia, CPB Immobilien KAG GmbH, IMV Immobilien Management und Verwaltung GmbH, Constantia Immobilien Development GmbH, CREDO Real Estate AG and CPB Immobilientreuhand GmbH (49%). |
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