Global law firm Dentons advised CPI Property Group (CPIPG), the leading long-term owner of income-generating real estate in the Czech Republic, Berlin and the CEE region, in connection with a €2.5 billion bridge loan facility to finance its takeover offer for all outstanding shares and convertible bonds of IMMOFINANZ AG. Lenders in the bridge loan facility comprise major Austrian and international banks including Banco Santander, Credit Suisse, Erste Group Bank, Goldman Sachs Bank, HSBC, Raiffeisen Bank International, Societe Generale / Komerční Banka, and UniCredit Bank.
CPIPG announced its intention to launch an anticipatory mandatory takeover offer on 3 December 2021. Shareholders are to be offered €21.20 in cash per IMMOFINANZ share on a cum dividend basis.
As part of the transaction, Dentons also advised on various aspects of the acquisition of part of the IMMOFINANZ shares prior to the announcement of the intention to launch the offer.
Partners Jiří Tomola (Prague), Mark Segall (Warsaw) and senior associate Martin Manduľák (Prague) led Dentons’ legal team on the transaction with assistance from associate Ondřej Valeš (Prague). The team also included partner Stéphane Hadet, senior associate Christophe Renaudin and associate Yifan Zhang (all based in Luxembourg) and counsel Surbhi Malhotra-Trenkel and associate Shirin Piroth-Amiri (both based in Munich)
Partner Jiří Tomola commented: “Dentons has supported CPIPG on their high-value financing work for several years. We are thrilled to have had the opportunity to play a role in this landmark transaction and continue contributing to our client’s success.”
"CPIPG’s acquisition of shares in IMMOFINANZ involved many complex issues and uncertainties," said Martin Matula, General Counsel of CPIPG. "Dentons demonstrated a strong commitment to client service and a high level of expertise, which allowed us to achieve a successful outcome."