CB Richard Ellis, in partnership with NAI Otto Immobilien, NAI Global's Austrian arm, has been awarded an exclusive mandate to sell a EUR 650 mln portfolio of commercial properties owned by Bawag-PSK Real Estate, a subsidiary of Bawag-PSK Bank. The former union bank was taken over by Cerberus Capital Management, one of the world’s leading private investment firms, in May 2007.

CB Richard Ellis, in partnership with NAI Otto Immobilien, NAI Global's Austrian arm, has been awarded an exclusive mandate to sell a EUR 650 mln portfolio of commercial properties owned by Bawag-PSK Real Estate, a subsidiary of Bawag-PSK Bank. The former union bank was taken over by Cerberus Capital Management, one of the world’s leading private investment firms, in May 2007.

The buildings are in prime locations in Vienna's city centre and also in the federal provinces of Austria. The sale is expected to generate more than EUR 650 mln in two packages. The first package will be finalised by the end of this year and the second package is intended for sale in 2008.