Finance Investment Banking
Pair of Austrian Developers Acquire Constantia's Real Estate Unit for $695M
June 30, 2008
By: Eugene Gilligan, Senior Editor

Two large Austrian developers, Immofinanz AG and Immoeast AG, announced today that they have agreed to buy Constantia Privatbank AG real estate unit for $695 million.

The two developers are creating a jointly held new company, I&I Real Estate Asset Management AG, with Constantia Privatbanks’ real estate division to be incorporated into this new company.

Constantia’s business units include an asset management platform; an open-ended real estate fund with investments in Germany and Austria; a property and facility management arm; and a brokerage company.

When the transaction is completed, Immoeast will acquire 60 percent of the shares in the new venture, with Immofinanz owning 40 percent.

“Upon conclusion of the acquisition, Immofinanz and Immoeast will cover the entire real estate value chain by means of their own real estate investments and services provided by their subsidiary I&I Real Estate Management AG,” the two companies said in a joint statement released today.

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