A syndicate confirmed on Wednesday that it intends to make a voluntary public bid for up to 10% of listed Austrian real estate company Conwert Immobilien. The bidding group, known as Albertgasse 35 Beteiligungs, was formed by the sellers of 25 property management and property service companies being acquired by Conwert for a total of EUR 216 mln.
A syndicate confirmed on Wednesday that it intends to make a voluntary public bid for up to 10% of listed Austrian real estate company Conwert Immobilien. The bidding group, known as Albertgasse 35 Beteiligungs, was formed by the sellers of 25 property management and property service companies being acquired by Conwert for a total of EUR 216 mln.
The acquisition of the 25 companies is part of Conwert's strategy to transform itself from a pure real estate investor into a European property management and real estate services company focused on the residential sector. Conwert has said that it will help fund the acquisition by issuing EUR 200 mln in convertible bonds.
