Conwert buys residential properties in Vienna for EUR 24.5m

Austrian firm Conwert Immobilien Invest SE has acquired six apartment buildings from an Austrian insurance company. The transaction volume was about EUR 24.5 mln.

The properties acquired are stately buildings in prime locations in the third, fourth and nineteenth districts of Vienna. Total usable space of the six buildings amounts to roughly 13,500 m².

Thomas Rohr, executive director of Conwert Immobilien Invest SE, said the acquisition would strengthen the company's activities in its home market Vienna. 'They are typical Conwert properties, which we will keep and develop for the long term,' he said. 'Thanks to our good equity base we are in a position to finance these properties at favourable conditions and increase the earnings and substance value of these buildings in the long term.'

In late September, Conwert acquired 1,000 apartments in Berlin for approximately EUR 67 mln. The focus of acquisitions will remain on high-quality older residential buildings in good and prime locations in Conwert’s core regions in Austria and Germany, noted Conwert CEO Johann Kowar.