CPI Property Group - comment

The 38.4% of S Immo directly held by CPI will cost around €620m. Our analysis shows a gap in Immofinanz's cash of about €325m. CPI Property may arrange finance to close that gap, or there could be a sale of assets to CPI from the Immofinanz portfolio. The ability of CPI to pick and choose the assets it might want to acquire will be constrained by the presence of 23% minority shareholders. CPI and Immofinanz have already agreed to work closer together, so some asset transfer as part of the share purchase is likely in our view. 

https://cpipg.com/storage/app/uploads/public/66d/85e/079/66d85e0793285204566979.pdf