Austrian landlord Conwert has announced plans to sell a significant portion of its commercial property holdings to a group of international investors.
The sales price is likely to be around €335 mln, which Conwert said was slightly above book value.
The property portfolio consists of 36 office and retail properties in Austria and Germany with total usable space of approximately 207,000 m2. In total it represents around 40% of Conwert's non-core portfolio.
The sale is subject to concluding due diligence and competition authority approval.
The transaction should be signed at the end of September 2016 after the successful conclusion of negotiations, with closing anticipated in the fourth quarter of 2016.
