The Polish regulatory authorities have approved the merger between Immofinanz and Immoeast. The merged company will be one of the top 10 real estate companies worldwide and ranks among the top three in Central and Eastern Europe, according to Eduard Zehetner, CEO of the newly-merged company.
The Polish regulatory authorities have approved the merger between Immofinanz and Immoeast. The merged company will be one of the top 10 real estate companies worldwide and ranks among the top three in Central and Eastern Europe, according to Eduard Zehetner, CEO of the newly-merged company.
The merger between the two Vienna-listed real estate companies is part of the overall restructuring of Immofinanz and is one of the largest mergers of listed companies in Austria’s history. The new combine claims to have a portfolio of EUR 15 bn in Germany, Austria, France, Switzerland and CEE. Central European law firm Schoenherr advised on the merger.
The transaction was approved in January 2010, but because of Immoeast’s secondary listing on the Warsaw stock exchange the merger required ap-proval from the Polish regulatory authorities. The merger will now be registered with the Vienna commercial registry.
Schoenherr has advised on various steps of the restructuring of Immofinanz. Prior to the 2010 merger with Immoeast, the firm advised on the 2009 Immofinanz convertible bonds exchange offer directed to holders of Immofinanz' outstanding EUR 1.5 bn convertible bonds; the 2009 restructuring of Immofinanz' EUR 415 mln senior syndicated credit facility; the EUR 1.46 bn sale of Immofinanz’s subsidiary Immo-austria holding the Group's entire Austrian real estate portfolio to Im-moeast; and the 2009 sale of selected prime real estate and financial in-vestments to satisfy liquidity needs in the short term.
Schoenherr is a leading corporate law firm with offices in Belgrade, Bratislava, Brussels, Bucharest, Budapest, Ljubljana, Kyiv, Prague, Sofia, Vienna, Warsaw and Zagreb.
