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Austrian Real Estate Market Headlines

Warimpex to Become Active in St.Petersburg’s Special Economic Zone

With the approval of St.Petersburg’s government Warimpex Finanz und Beteiligungs AG with headquarters in Vienna will get involved in the future special economic zone "Aeropolis” at the Pulkovo 2 airport. "Aeropolis” is supposed to be built between 2016 and 2020 by the majority state-owned Bank VTB for some EUR 85.8 million (USD 97.37 million). This was reported by the Russian "Delowoj Peterburg”.

June 21, 2016

Property Developer MTK to Invest in Venice

Property development company MTK with headquarters in Vienna will invest on the mainland of Venice. The company owned by the German investor Tilmar Hansen purchased at an auction 16,000 square meters of land next to Mestre station. The plan is to build four hotel structures on the grounds. The hotels will have a total space of 30,000 square meters.

June 10, 2016

Uniqa Eyes Over EUR 100 Mln from Design Tower Sale

Listed insurer Uniqa expects to obtain over EUR 100 million (USD 113.5 million) from the sale of the Design Tower building in Vienna, the company's spokesman said, confirming an earlier report by broadcaster ORF. The sale of the building, which houses primarily a Sofitel hotel, is in line with the company's long-assumed strategy of focusing on core business, he added.

June 7, 2016

Justice Minister Pushes for Rental Law Reform

Justice Minister Wolfgang Brandstetter (ÖVP) wants to do away with a stalemate in talks between the coalition partner regarding the rental law reform. At the moment the coalition partners have vastly differing ideas as to the reform, but, in the minister’s opinion, amendments are so important that legislators ought to overcome their differences and reach a compromise.

June 7, 2016

Immofinanz Has Two New Heads

Listed property developer Immofinanz has two new management board members: Andrea Sperling-Koch (46) has been appointed Country Manager Finance & Support, while Christian Traunfellner (45) has been appointed new Country Manager Operations.

May 17, 2016

Julius Meinl Acquires Grand Hotel Europa in Prague

The famous hotel in Prague "Grand Hotel Europa” has been taken over by Julius Meinl. The Czech businessman Vaclav Skala has sold the currently closed hotel to a company of the Meinl group, as the Czech economic newspaper "Hospodarske noviny” reported. The purchase price hasn't been revealed.

May 11, 2016

Immofinanz Raises Office Occupancy Rate to ca. 82 Pct in '15/16

Listed real estate group Immofinanz raised the occupancy rate of its office properties by 7 percentage points to nearly 82 percent in fiscal year 2015/16 (ending at the end of April), the company said Monday.

May 9, 2016

UniCredit Bank Austria sold plot for Viennese DC Tower 2

The owner of Viennese property developer Wiener Entwicklungsgesellschaft für den Donauraum GmbH (WED), UniCredit Bank Austria, has sold the plot for Donau City Tower 2 skyscraper. The buyer is one of the biggest real estate funds of Germany HausInvest of Commerz Real. The price of the deal and details have not been disclosed.

May 4, 2016

Conwert Buys Apartments in Duisburg for EUR 46 Million

The listed property company Conwert keeps expanding in Germany. The Austrian company has bought for EUR 46 million (USD 52.3 million) a portfolio of 1,029 apartments in Duisburg Mittelmeiderich. The finalization of the deal should take place in the third quarter of 2016 Conwert announced. Thanks to this Conwert’s core residential portfolio will grow by 5 percent to 22,500. The whole portfolio will grow to 28,500 units.

May 2, 2016

Warimpex Real Estate Suffers EUR 42.3 Million Loss in 2015.

Listed real estate developer and hotel operator Warimpex suffered a EUR 42.3 million (USD 47.9 million) net loss in 2015 as it had to book FX and revaluation impairments on weak Russian business, the company said.

April 28, 2016