The shareholders of Immoeast, the Austrian-based property investor focused on Central and Eastern Europe, have approved a management motion to acquire a majority stake of the real estate activities of Constantia Privatbank. The takeover is being carried out with Immoeast's parent company Immofinanz.
The shareholders of Immoeast, the Austrian-based property investor focused on Central and Eastern Europe, have approved a management motion to acquire a majority stake of the real estate activities of Constantia Privatbank. The takeover is being carried out with Immoeast's parent company Immofinanz.
For EUR 219mln, Immoeastis acquiring the management contract with Constantia Privatbank and for EUR 45mln a stake of 60% in the remaining real estate activities and real estate subsidiaries of Constantia Privatbank. These include Constantia Privatbank's real estate asset management division and the subsidiaries CPB Immobilien KAG (real estate funds), Constantia Immobilien Development and Credo (real estate development), IMV Immobilienmanagement und -verwaltung (property and facility management) and CPB Immobilientreuhand (49%, real estate brokerage and valuation).
On 23 July, Immofinanz's shareholders approved the acquisition of 40% of Constantia Privatbank's real estate activities.
