The Croatian competition authority, AZTN, has granted approval for a merger that establishes joint control over Kaufmann & Hofmann d.o.o. by INTERKAPITAL d.d., HOK-OSIGURANJE d.d., INTERCAPITAL HICP d.o.o., RMF RE d.o.o., and WKB 4 GmbH.

This merger involves the establishment of joint control over Kaufmann & Hofmann d.o.o., which owns and operates the City Center One Split shopping center. Currently, control is held by INTERKAPITAL and INTERCAPITAL HICP along with WKB 4.

The transaction will allow HOK-OSIGURANJE to enter joint control through INTERCAPITAL HICP, while RMF RE will join existing owners INTERKAPITAL and WKB 4. The aim is to invest in and manage the commercial property of City Center One Split.

AZTN published a public call for comments on the merger on September 22, 2025, but received no objections by the deadline of October 2, 2025.

Kaufmann & Hofmann d.o.o. is a key player in the retail leasing market in Split, while INTERKAPITAL and INTERCAPITAL HICP are involved in financial services and investment fund management. HOK-OSIGURANJE operates in the insurance sector, and RMF RE focuses on real estate investments.

The merger is expected to have effects primarily on the retail leasing market in Split, with HOK-OSIGURANJE and RMF RE entering this market through the transaction. However, the market structure is not expected to change significantly.

AZTN concluded that the merger does not create or strengthen a dominant position and does not significantly impede competition in the relevant market, thus allowing the merger at the first level according to Croatian competition law.