Vienna-listed Eco Business-Immobilien has announced it is selling the Opernringhof office complex in the Austrian capital for EUR 101 mln. The asset will be sold to an Austrian private investor for a price significantly above the current value and nearly 19% over the total investment cost, Eco said.

Vienna-listed Eco Business-Immobilien has announced it is selling the Opernringhof office complex in the Austrian capital for EUR 101 mln. The asset will be sold to an Austrian private investor for a price significantly above the current value and nearly 19% over the total investment cost, Eco said.

This office and commercial property comprises 17,400 m2 of rentable space and is located directly opposite the State Opera House.

Eco acquired the building in 2005 as part of the Allianz portfolio transaction. Over the past five years the company has renovated the structure and optimised the tenant mix. The current tenants include numerous airlines, embassies, investment banks and consulting firms.

Wolfgang Gössweiner, chief financial officer and board spokesman at Eco, said: 'This sale reflects our announced value creation strategy, which calls for the profitable sale of individual properties. Depending on the market environment and available opportunities, we will use the equity generated by this transaction for reinvestment and/or distributions to our shareholders.'

Meanwhile, Conwert Immobilien, a residential property firm, has unveiled a EUR 166 mln takeover offer for Eco. Conwert already holds a 24% stake in Eco and manages the business.

Click on the link below to read Conwert's EUR 166m takeover bid for Austrian peer