Conwert Immobilien has carried out several transactions with a total investment volume of EUR 113 mln to expand its position in Austria and Germany.
Conwert Immobilien has carried out several transactions with a total investment volume of EUR 113 mln to expand its position in Austria and Germany.
In the first transaction, Conwert acquired the 50% it did not already own in the Allianz-Trading residential portfolio in Austria from Eco Business-Immobilien for EUR 52 mln. The portfolio comprises 41 high-quality residential properties with total usable space totalling 78,000 m2.
Conwert and Eco, both Vienna-listed real estate companies, jointly acquired the portfolio in 2006. Conwert said it plans to subdivide the properties and sell them as freehold flats.
Conwert announced it is also taking over two senior residences, with a total usable space of 14,700 m2, in Bavaria, Germany, as well as a hotel completed in early 2009 with an adjacent retail park (total usable space 4,500 m2) in Austria. These acquisitions were carried out to strengthen Conwert’s 'Temporary Housing' business segment. The yield based on the EUR 32.5 mln investment volume comes to 8.4 %.
In the final transaction, Conwert acquired an office building at Schwarzenbergplatz.in Vienna from Eco for EUR 28.8 mln. Conwert said the purchase price was about 10% below the acquisition price originally paid by Eco due to market-related decreases in value.
