CA Immo has just bumped up its CEE property holdings by agreeing to buy the Europolis portfolio for €272m. From 19%, the group’s CEE holdings have now jumped to 40%, on par with its holdings of German assets. Half of the agreed price is to be paid in January, when the deal is expected to close officially. The rest will be due five years from then. Europolis reported assets of €1.5bn at the end of 2009, with property writedowns of €177m.
Oesterreichische Volksbanken decided to sell its problem-ridden real estate unit after failing to find a strategic partner for the entire group.