September 2022

Penteris Continues to Support Immofinanz

Penteris continues to support our long-term client IMMOFINANZ.

The Penteris team advised IMMOFINANZ on the Polish part of the cross-border acquisition of a retail property portfolio from CPI Property Group for €324.2 million.

As part of its new strategy, IMMOFINANZ is acquiring 53 retail properties across the CEE region – in Poland, the Czech Republic, Slovakia and Hungary – from its majority shareholder CPI Property Group.

“Considering the scarcity of high-quality portfolios of this size on the market, the completion of this transaction is a very special success. It represents the ideal opportunity to expand IMMOFINANZ’S retail portfolio in a single step and at a lower cost compared to negotiations with multiple sellers,” indicated Stefan Frömmel, Head of Group Transactions at IMMOFINANZ.

“We are delighted that our team is once again advising IMMOFINANZ on the implementation of the group’s key strategic business goals, which includes the development of a high-profit retail portfolio and expansion into the retail park market across Europe,” comments Penteris Managing Partner Agnieszka Pytlas.

The cross-jurisdictional team which was made up of lawyers from BPV Braun Partners (Czech Republic), coordinating all efforts, Oppenheim (Hungary), HKV (Slovakia), and Penteris advised IMMOFINANZ on all of the legal aspects of the transaction. The Penteris team included Managing Partner Agnieszka Pytlas and Associate Ewa Olszewska.

The purchase price of the recent transactions is EUR 324.2 million. The properties acquired in the transaction have approximately 217,000 sqm of space and are fully leased. They will provide IMMOFINANZ with stable rental income of approximately EUR 25 million per year.

The IMMOFINANZ Group is listed on the stock exchanges in Vienna and Warsaw.