Patrizia shares surge 21% on €8.20 partial takeover offer plan

Patrizia shares jumped more than 21% on Thursday after major shareholder First Capital Partner announced plans to launch a public partial takeover offer at €8.20 per share, as part of an agreement to increase its stake in the German real estate company to as much as 73% and move it to Deutsche Börse’s Scale segment.

The offer will be subject to customary closing conditions but will not require a minimum acceptance threshold. The company stated the offer does not comprise the acquisition of all outstanding shares and is not a delisting offer under Section 39 (2) no. 1 of the German Stock Exchange Act.

Patrizia will initiate the transfer from Deutsche Börse’s regulated market to the Scale segment during the acceptance period. The company expects the transfer to take place no later than January 2027.

The move to Scale, Deutsche Börse’s segment for small and medium-sized enterprises, will allow Patrizia to reduce regulatory and administrative burdens while maintaining its capital market presence on the Frankfurt Stock Exchange and trading via XETRA.

Following completion of the offer, Patrizia will cancel 4,700,000 of its currently 5,767,992 treasury shares, corresponding to 5.09% of the company’s share capital. The remaining 1,067,992 treasury shares will be retained to service long-term remuneration components.

First Capital Partner has committed to supporting Patrizia’s further development and has undertaken not to enter into a domination or profit and loss transfer agreement with Patrizia for three years following completion of the offer.

The offer document requires approval from the German Federal Financial Supervisory Authority before publication.

Patrizia currently manages €55 billion in assets under management and employs around 800 professionals across 26 locations worldwide.