Mann Immobilien-Verwaltung said it has tendered 53% of German property company Polis Immobilien following expiration of the offering period for the mandatory takeover offer. The company said it has bought a total of 2.2 million shares in the company, which specialises on office property across Germany.
Mann Immobilien-Verwaltung said it has tendered 53% of German property company Polis Immobilien following expiration of the offering period for the mandatory takeover offer. The company said it has bought a total of 2.2 million shares in the company, which specialises on office property across Germany.
'In the prevailing situation on the capital markets, we have been visibly strengthened by the strong support of the major shareholder, and we have broadened our options for taking actions in the future. We currently have a solid financial structure and loan to value ratio of approximately 47% and can take advantage of opportunities which present themselves in the real estate market,' said Alan Cadmus, CEO of Polis.
Earlier this year, Mann's stake in Polis surpassed the 30% threshold after which any company in Germany is required to make a takeover offer. The group subsequently launched an offer of EUR 10 per share.
Polis is a listed real estate company, founded in Berlin in 1998, which buys, refurbishes and manages office properties in prime central business districts in the leading German cities. The company currently owns and manages 35 investment properties with a fair market value of approximately EUR 300 mln.
