Bayernfonds, the 100% subsidiary of Bayerische Landesbank, has entered the Austrian market. The company is to join forces with UBM Realitätenentwicklung (UBM) to build a high-rise office block, Florida Plaza, at a total cost of (€32m AusS1.3bn). The tower, which is due for completion in the third quarter of 2001, represents the first investment in the Austrian property market for the Bayern-LB subsidiary.
Frankfurter Allgemeine Zeitung, 05 May 2000, p27
