CPI Property secures 53% stake in Immofinanz in tender offer

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FILE PHOTO: The logo of Austrian real estate group Immofinanz is pictured on top of the company's headquarters building in Vienna

ZURICH – CPI Property Group said it had won control of a majority stake in Austrian real estate group Immofinanz via a tender for the company’s shares and convertible bonds whose acceptance period closed on Wednesday.

Together with shares the bidder already held or had agreed to buy, CPI will have just over 73.7 million shares representing around 53.3% of its outstanding voting rights, CPI said in a statement.

The share offer price of 23.00 euros per Immofinanz share and the convertible bond offer price of 111,470.29 euros for each nominal amount of 100,000 euros ($111,720) will be paid out no later than March 9, it added.

Immofinanz shares closed on Thursday at 22.90 euros.

($1 = 0.8951 euros)

(Reporting by Michael Shields; Editing by Susan Fenton)