Immo heads farther east
Quietly and methodically, Vienna-based investment manager Immoeast has positioned itself to continue its success investing in emerging European real estate. The firm is completing the purchase of Constantia Privatbank’s real estate division for €219 million and has embarked on a strategic push into southeastern Europe and the CIS. With nearly €11 billion under management, Immoeast topped the Liquid Real Estate poll in the emerging Europe investment management category and the Constantia transaction should reinforce its dominant position. The purchase brings a number of additional businesses under the direct management of Immoeast and Immofinanz, its parent company. Previously, Immoeast had managed Constantia’s real estate business on a contract basis.
"The acquisition of Constantia Privatbank’s real estate division is a huge step forward for Immoeast," says Karl Petrikovics, chief executive.