Teddy Sagi buys 25% stake in Austrian property co

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10 May, 2015 14:23

Conwert owns 30,000 properties with a value of over €3 billion and has a market cap of €975 million.

Teddy Sagi's MountainPeak Trading Ltd. has signed an agreement to buy 24.79% of the shares in Conwert Immobilient Invest SE, which is traded on the Vienna Stock Exchange at a market cap of €975 million.

The seller is the Haselsteiner Foundation, held by an Austrian businessman. Completion of the deal is slated for Wednesday, and will make the Sagi group the largest shareholder in Conwert.

Founded in 2001, Conwert acquires, develops, leases, markets, and sells real estate properties and services, and is considered one of the best known Austrian companies. Conwert owns over 30,000 properties, while focusing mainly on civilian residential properties in metropolitan areas (74% of its business), with the other 26% consisting of commercial real estate.

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Conwert's properties are worth over €3 billion, but it has $1.6 billion in internal debt. Company revenue from rent along totaled €237.3 million in 2014. Funds from operations (FFO) (net profit plus dividends, minus depreciation and amortization) in 2014 totaled €34.8 million.

Conwert has recently suffered from internal disputes between shareholders and a dispute in management, which have affected its business results. Deutsch Wohnen made an unsuccessful attempt to take over the company a month ago, when its offer to purchase was rejected by most of Conwert's shareholders.

Published by Globes [online], Israel business news - www.globes-online.com - on May 10, 2015

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