September 20 (SeeNews) - Romania's competition authority said on Thursday it approved the takeover of the local business of real estate company S Immo AG by Austrian real estate investor and developer Immofinanz AG.
"Following a review of the transaction, the Competition Council found that it does not raise significant obstacles to effective competition in the market, in particular by establishing or strengthening of a dominant position," the anti-trust body said in a statement.
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The acquisition includes the five real estate rental companies which S Immo AG operates in Romania: Societate Dezvoltare Comercial Sudului,
Victoriei Business Plazza, Dual Construct Invest, Roter Investitii Imobiliare and CII Central Investments Imobiliare.
Immofinanz is a commercial real-estate company focused on the retail and office segments of several core markets in Europe: Austria, Germany, the Czech Republic, Slovakia, Hungary, Romania, Poland. The group has been active on the Romanian market since 2004. In 2016, it took over real estate rental company CA Immobilien Anlagen Aktiengesellschaft's (CA Immo) Romanian operations.
S Immo AG is an Austrian joint stock company listed on the Vienna Stock Exchange, which is active on the real estate market in Austria, Germany, the Czech Republic, Slovakia, Hungary, Romania and Croatia.
In Romania, S Immo owns the Sun Offices building, the Sun Plaza shopping center and the Novotel hotel, all located in Bucharest.
($ = 0.9408 euro)