A controlled affiliate of private investment firm Starwood Capital Group has announced a full public takeover offer for Austria's CA Immobilien Anlagen.
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 now 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.
This means that the offer price per CA Immo share will be reduced by the amount of any dividend declared per CA Immo share between the announcement of this offer and its settlement.
Starwood suggested 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.
Krysto Nikolic, managing director and Starwood Capital Group's head of real estate for Europe, commented: 'Having recently increased our shareholding in CA Immo, we are pleased to announce this offer which is priced at the company's last reported EPRA NNNAV and represents an attractive premium to the current share price.
'We believe the offer provides a welcome opportunity for shareholders and convertible bondholders to realise liquidity. We look forward to continuing to support the company, and in connection with the offer, it is one of Starwood Capital's objectives to maintain CA Immo's investment-grade credit rating.'
The Starwood vehicle will also launch a concurrent offer for the outstanding convertible bonds 2017 at what it described as 'attractive terms for bondholders', derived from the share offer price.
According to Starwood, there will be no minimum acceptance threshold. The completion of the offer will be subject to merger control clearance from the competent authorities.
