Aggregate Holdings, a German-focused real estate investor with €3.6 bn of assets, confirmed this week that it ‘may be considering’ a bid for a stake in CA Immo, including possibly launching a partial takeover offer for the Vienna-based, CEE-focused listed property firm.
'There is no certainty that any such acquisition will proceed, nor as to the terms and conditions thereof. Further announcements will be made as and when appropriate,’ the company said.
Aggregate is wholly owned by investor Guenther Walcher and is mostly focused on real estate in Germany, with holdings including a stake in landlord Adler Real Estate.
The move could potentially challenge US investor Starwood’s full public takeover offer for CA Immo, which was announced earlier this month.
The Starwood acquisition vehicle, SOF-11 Klimt CAI, has been the largest shareholder in CA Immo since acquiring an initial 26% ownership stake in 2018.
Since then, the BidCo has purchased further shares in the company and as of 8 January holds nearly 30% of the total outstanding voting rights. The vehicle said it intended to cross the 30% threshold only on the receipt of 'regulatory approvals'.
The vehicle has launched an anticipatory mandatory takeover offer for all of CA Immo's remaining shares and convertible bonds, to the tune of €34.44 per CA Immo share on a cum dividend basis, valuing CA Immo at €3.4 bn.
Starwood suggested earlier this month that the bid price represented 'a rare liquidity event for CA Immo's shareholders', implying a premium of 24.4% compared to the (Bloomberg) three-month volume-weighted average share price of €27.68. The offer has no minimum acceptance threshold.
