Allianz, the insurer and financial service provider, has concluded the sale of its entire Austrian portfolio to a joint consortium for €450m (£311m).
The portfolio, which comprises 106 mainly residential properties in Vienna, was bought from Allianz Austria Group by property companies Conwert Immoblien Invest and ECO Business-Immobilien.
Half of the portfolio, totalling 2.2m sq ft, will be held on a longer term basis by Conwert and ECO, with Conwert acquiring 24 mostly residential properties and ECO taking four prime office and commercial properties.
The other half of the portfolio will be put in an acquisition and trading vehicle in which Conwert, ECO and Pirelli RE will each take a 33.3% stake.
References: EGi News 29/06/06
