Patrick Vitek, son of Radovan Vitek, the majority owner and founder of CPI Property Group, has bought an 8.38% stake in Vienna- and Warsaw-listed Immofinanz.
The 23-year-old entreprenuer and independent investor said: 'For many years, I have quietly invested to build a portfolio for the long-term. Based on my analysis, Immofinanz offers excellent value given the price of the stock and the quality of the assets.'
Vitek graduated from Boston University with a degree in mathematics and computer sciences, and speaks six languages. At 23, he is roughly the same age as his father was when he founded CPI in the 1990s.
The deal marks the latest twist in a takeover story uniting Immofinanz and its Austrian peers S Immo and CA Immo, all of whom focus on CEE property.
Immofinanz recently launched a full takeover bid for S Immo, which it raised late last month to €22.25 per share, as it seeks to consolidate its position in the region.
At the moment, Immofinanz holds a 26.49% stake in S Immo, and is looking to secure the remaining 69.93% with its bid. An attempted merger between the two firms hit a roadblock in 2019. S Immo, in turn, holds a 12% stake in Immofinanz and a 6% stake in CA Immo, the latter of which was the subject of a failed Immofinanz takeover bid in 2018.
CA Immo's fortunes are relevant to the S Immo takeover bid, due to the current actions of Aggregate Holdings, owned by Austrian investor Günther Walcher, which is believed to be sparring with Starwood in a contest to acquire CA Immo.
Current Immofinanz CEO Ronny Pecik, who signed an agreement at the end of February to step down from the helm of the firm, also agreed to sell his 10.56% stake in Immofinanz to a vehicle controlled by Aggregate. He also holds a roughly 14% stake in S Immo, with partner Nobert Ketterer. Aggregate in turn recently increased its minority holding in S Immo to 10.79% in February.
Market watchers believe the trio of CEE-focused Austrian firms could eventually head towards a three-way merger, whatever the outcome of the most recent bids.
