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MERGERS: AMO SR approved the merger of undertakings CPI PROPERTY GROUP société anonyme and IMMOFINANZ AG
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AMO SR approved a merger grounded in the acquisition of exclusive control of undertaking CPI PROPERTY GROUP société anonyme over undertaking IMMOFINANZ AG.
On 9 February 2022 the Antimonopoly Office of the Slovak Republic, the Division of Concentrations, (hereafter “the Office“) approved a merger grounded in the acquisition of exclusive control of undertaking CPI PROPERTY GROUP société anonyme, the Dutchy of Luxemburg (hereafter “CPI“) over undertaking IMMOFINANZ AG, Austria (hereafter “Immofinanz“).
The undertaking CPI belongs to the internationally operating CPI group, which owns and operates office real estates, retail premises, hotels and resorts, residential real estates, investment lands, development, industrial, agricultural and logistics real estates. In the territory of the Slovak Republic, it operates only in the field of renting retail space in several cities.
The undertaking Immofinanz deals with the renting of office and retail space in several countries. In the field of renting office space it operates under the international brand name "myhive" (in the city of Bratislava) and in the field of renting retail space it operates under the brand name STOP SHOP for retail parks in several cities and under the brand name VIVO! for shopping centres (in the city of Bratislava).
It, therefore, follows from the above stated that the activities of merging parties overlap in the field of renting retail space.
The Office assessed the overlaps of merging parties within the alternative definition of spatial market for renting retail space in the territory of the Slovak Republic as well as it focused on the locations, where the overlapping occurs, in this case these were the cities of Michalovce, Prievidza and Ružomberok.
Based on documentation and information submitted to the Office, in particular the amount of shares of merging parties nationwide, as well as the estimation of local shares, number and the character of competitors operating in the field of renting retail space, the possibilities of deciding on the choice of a suitable model for placing a retail premise during its opening and also with regard to the character and the focus of rented retail space of merging parties, the Office came to the conclusion that the assessed merger is in accordance with the Article 11 Paragraph 1 of the Act on Protection of Competition, as it will not significantly impede effective competition in relevant market, in particular as the result of creation or strengthening of dominant position.
The decision came into force on 11 February 2022.
The undertaking CPI belongs to the internationally operating CPI group, which owns and operates office real estates, retail premises, hotels and resorts, residential real estates, investment lands, development, industrial, agricultural and logistics real estates. In the territory of the Slovak Republic, it operates only in the field of renting retail space in several cities.
The undertaking Immofinanz deals with the renting of office and retail space in several countries. In the field of renting office space it operates under the international brand name "myhive" (in the city of Bratislava) and in the field of renting retail space it operates under the brand name STOP SHOP for retail parks in several cities and under the brand name VIVO! for shopping centres (in the city of Bratislava).
It, therefore, follows from the above stated that the activities of merging parties overlap in the field of renting retail space.
The Office assessed the overlaps of merging parties within the alternative definition of spatial market for renting retail space in the territory of the Slovak Republic as well as it focused on the locations, where the overlapping occurs, in this case these were the cities of Michalovce, Prievidza and Ružomberok.
Based on documentation and information submitted to the Office, in particular the amount of shares of merging parties nationwide, as well as the estimation of local shares, number and the character of competitors operating in the field of renting retail space, the possibilities of deciding on the choice of a suitable model for placing a retail premise during its opening and also with regard to the character and the focus of rented retail space of merging parties, the Office came to the conclusion that the assessed merger is in accordance with the Article 11 Paragraph 1 of the Act on Protection of Competition, as it will not significantly impede effective competition in relevant market, in particular as the result of creation or strengthening of dominant position.
The decision came into force on 11 February 2022.