Announcement Overview
On Thursday, Patrizia SE’s shares surged more than 21% after its major shareholder, First Capital Partner GmbH, disclosed plans to launch a public partial takeover offer priced at €8.20 per share. The offer is intended to increase First Capital Partner’s holding to as much as 73% of Patrizia’s equity.
Offer Mechanics and Conditions
The takeover proposal does not include a minimum acceptance threshold and is not classified as a delisting offer under Section 39(2) no. 1 of the German Stock Exchange Act. Completion of the offer is subject to customary closing conditions and requires prior approval from the German Federal Financial Supervisory Authority (BaFin).
Market Structure Change
During the acceptance period, Patrizia will transfer its listing from Deutsche Börse’s regulated market to the Scale segment, which is tailored for small and medium‑sized enterprises. The company expects this transfer to be finalized no later than January 2027, allowing it to reduce regulatory and administrative burdens while retaining a presence on the Frankfurt Stock Exchange and XETRA trading platform.
Treasury Share Cancellation
Following the offer’s completion, Patrizia will cancel 4,700,000 of its existing 5,767,992 treasury shares, representing 5.09% of the company’s share capital. The remaining 1,067,992 treasury shares will be retained to service long‑term remuneration components.
Commitment from First Capital Partner
First Capital Partner has pledged to support Patrizia’s further development and has agreed not to enter into a domination or profit‑and‑loss transfer agreement with Patrizia for a period of three years after the offer’s completion.
Company Profile
Patrizia currently manages approximately €55 billion in assets under management and employs around 800 professionals operating across 26 locations worldwide.
Market Reaction
The announcement triggered a share price increase of over 21% on the day of the news release.