(hooly-news.com) – Covivio announces its decision to launch a takeover bid for the entire capital of Godewind Immobilien AG, a listed real estate company specializing in office real estate in Germany. The offer is launched at a price of 6.40 euros per share and benefits from the full support of Godewind Management and the Supervisory Board. Covivio has already secured around 35% of the fully diluted share capital of Godewind.
This operation will allow Covivio to invest in a core portfolio of 10 office buildings (290,000 m²), valued at 1.2 billion euros and located in Frankfurt (40% of the portfolio), Düsseldorf (28%), Hamburg ( 24%) and Munich (8%). These 4 cities appear in the Top 10 of the most important markets of European Offices, to which are added in particular Paris, Berlin and Milan where Covivio is already present.
Covivio launched an office activity in Germany in 2018. Already the owner of 280 million euros in offices and 600 million euros in development projects, mainly in Berlin, Covivio is now accelerating its investments in this market.
The real estate group will have a critical size on the office market in Germany, with a total heritage of 2.1 billion euros.
Obtaining all approvals from the authorities in force is planned prior to the opening of the public offer, which should begin by the end of March. The closing of the offer and the delisting process initiated by Godewind is expected by the end of May 2020.
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