CPI Property Group - comment
Petrus taking an 11% stake in Immofinanz is irritating, but ultimately CPI’s 75% stake gives it control. Petrus claims the stock could be 40% higher at €31 and is likely angling for a take out of its stake. A possible squeeze out of minorities at Immofinanz may happen, but we do not see this as a near-term option. Austrian real Estate companies have a long history of cross-shareholdings and fights for control, so we see this as another chapter.