CTP to Take Over Deutsche Industrie REIT
CTP, a Czech Republic-based industrial developer, is set to enter the German market through the acquisition of German counterpart Deutsche Industrie REIT-AG (DIR) in a transaction worth approximately €800 million.
As part of the merger agreement between the two companies, CTP will launch a voluntary public takeover for all outstanding shares in DIR, offering five new shares in CTP for four DIR shares, a value roughly equivalent to €24.94 per DIR share. Shareholders may instead opt for a cash consideration of €17.12 per DIR share. The final minimum price per share is subject to a decision by regulators.
DIR’s portfolio comprises 1.6 million square metres of leasable space across 89 light industrial and warehouse properties in Munich Airport, Berlin, Bremen and Cologne. 88% of the properties are currently occupied and leased to 665 different companies, with an average rent of €37 per square metre. Its acquisition would bring the value of CTP’s portfolio to more than €7.3 billion, up from €6.4 billion.
Dr. Knabe Tax Consulting Company advised on the merger with regard to tax optimisation and the particularities of DIR companies.