Communication
The aim of the protection of market competition is primarily to create benefits for consumers and equal conditions for all entrepreneurs on the market, who, acting in accordance with the existing rules and competing on the market with the quality, price and innovation of their products and services, contribute to the overall development of the economy.
CCA clears joint acquisition of Kaufmann i Hofmann by Interkapital, HOK-Osiguranje, Intercapital HICP, RMF RE and WKB 4 GmbH
The Croatian Competition Agency (CCA) has cleared in Phase I the proposed concentration resulting from the acquisition of joint control over Kaufmann i Hofmann d.o.o., based in Zagreb, by the undertakings Interkapital d.d. (Zagreb), HOK-Osiguranje d.d. (Zagreb), Intercapital HICP d.o.o. (Zagreb), RMF RE d.o.o. (Zagreb), and WKB 4 GmbH (Vienna, Austria).
The transaction involves the establishment of joint control over Kaufmann i Hofmann d.o.o., which owns and manages the City Center One Split shopping centre. At present, control over Kaufmann i Hofmann is exercised by Interkapital, specifically through Intercapital HICP and WKB 4 GmbH.
The concentration is implemented through the indirect control of HOK-Osiguranje in the joint control structure via Intercapital HICP, and the direct control of RMF RE as a new joint controller alongside the existing shareholders Interkapital and WKB 4 GmbH. The transaction represents an investment in a commercial property with the aim of joint management and further development of the City Center One Split shopping centre.
On 22 September 2025, the CCA published on its website a request for information from interested parties regarding the proposed concentration. During the consultation period, which ran until 2 October 2025, the CCA did not receive any comments or observations.
Activities of the parties
The undertaking Kaufmann i Hofmann d.o.o. owns and manages City Center One Split, one of the leading commercial properties in the Dalmatia region.
Interkapital d.d. and Intercapital HICP d.o.o. operate in the financial services sector, primarily in investment management and fund administration.
HOK-Osiguranje d.d. operates in the insurance sector and, through affiliated undertakings, also in other business areas.
RMF RE d.o.o., part of the Raiffeisen Group, was established to invest in real estate on behalf of Raiffeisen pension funds.
WKB 4 GmbH forms part of an Austrian group specialising in the development, management, and investment in shopping centres and other commercial real estate.
According to the notification, the concentration primarily affects the retail premises leasing market in Split and its surrounding area. Through this transaction, HOK-Osiguranje and RMF RE are entering the market, and therefore the market structure will remain unchanged.
The parties to the concentration are not active in any horizontally or vertically related markets. Although HOK-Osiguranje, through affiliated undertakings, owns other commercial properties (office buildings and shopping centres), these are located in different geographic areas and therefore do not affect the retail property leasing in Split.
Market assessment and conclusion
Based on the submitted data, the analysis of market effects, and other available data, the CCA found that it can be reasonably assumed that the notified concentration is not prohibited within the meaning of Article 16 of the Competition Act, OG 79/09, 80/13, 41/21 and 155/23).
The implementation of the concentration will not lead to the creation or strengthening of a dominant position, nor to a significant impediment to effective competition in the relevant retail premises leasing market in Split and the surrounding area.
Accordingly, the notified concentration is considered compatible with competition law and has been cleared in Phase I, pursuant to Article 22(1) of the Competition Act.
The letter of concordance in the Croatian language is available on the CCA’s website at the following link