Austria: Schoenherr advises Starwood Capital on intended public takeover offer for CA Immo

Schoenherr is advising Starwood Capital Group ("Starwood") on the intended public takeover offer for VSE-listed CA Immobilien Anlagen AG ("CA Immo"). The intention to launch a public takeover offer was announced by Starwood on 8 January 2021 (Starwood Capital press release).

In accordance with the Austrian Takeover Act, the offer shall be launched at the outstanding ordinary shares with an offer price of EUR 34.44 per share, as well as convertible bonds issued by CA Immo that are not held by Starwood. Based on the offer price CA Immo is valued at approximately EUR 3.4 billion. The publication of the offer memorandum for the public takeover offer, which will be subject to regulatory approvals, is expected to take place in Q1 2021.

In 2018 Starwood, also advised by Schoenherr, had already acquired a 26 % stake in CA Immo including four golden shares that carry delegation rights to the supervisory of CA Immo in 2018.

CA Immo is a real estate group headquartered in Vienna with branch offices in seven Central European countries. Its core business involves leasing, managing and developing high-quality office buildings. CA Immo controls property assets in Germany, Austria, and Eastern Europe.

The Starwood Capital Group is a private investment firm with a core focus on global real estate. Since its inception in 1991, the firm has raised nearly USD 50 billion of equity capital and currently has in excess of USD 60 billion of assets under management.

The Schoenherr team, advising Starwood Capital on all legal aspects of the transaction and as a representative towards the Austrian Takeover Commission, is led by Christian Herbst (partner) and Sascha Schulz (counsel). They are supported by Peter Feyl (partner), Maximilian Lang (counsel), Alfred Amann (associate), Maximilian Nutz (associate), Marco Thorbauer (attorney) as well as Volker Weiss (partner).