March 22, 2018 / 8:09 AM / a year ago

U.S. firm Starwood seeks stakes in Austrian property groups

VIENNA, March 22 (Reuters) - U.S. private equity firm Starwood Capital Group is seeking to acquire a quarter of Austrian property company CA Immo and a smaller stake in its rival Immofinanz, it said in an offer to their shareholders on Thursday.

A Luxembourg-based unit of Starwood is offering CA Immo shareholders 27.50 euros per share, minus any dividend paid out, a slight premium to Wednesday’s closing price of 26.54 euros. It is seeking to acquire up to 26 percent of the company, it said.

A spokeswoman for CA Immo declined to comment on the offer.

Starwood, which specialises in real estate, is offering Immofinanz shareholders 2.10 euros per share, minus any dividend, also slightly above Wednesday’s closing price of 2.008 euros. Starwood aims to acquire up to 5 percent of the firm.

Immofinanz last month effectively abandoned its plan to merge with CA Immo following pressure from an activist investor, saying it was now considering selling its 26 percent stake in its rival.

“It is not the intention of the bidder to completely take over CA Immo and Immofinanz with these takeover offers. Upon completion of both takeover offers, CA Immo and Immofinanz shall remain listed on the Vienna Stock Exchange,” Starwood said in a statement. (Reporting by Francois Murphy and Alexandra Schwarz-Goerlich Editing by Mark Potter)

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