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VIENNA-A consortium comprising Conwert Immobilien Invest AG, ECO Business-Immobilien AG, Kronberg International and Pirelli RE has acquired the entire Austrian property portfolio of the Allianz Austria Group for euro 450 million ($574 million). The deal represents the largest sale in Austrian real estate history and comprises a portfolio of 106 properties and 215,000 sm.

Around half of the property assets will be held by Conwert and ECO on a long-term basis. Conwert is taking 24 properties comprising 69,000 sm. Most of these assets are residential units located in Vienna and include older properties located in Kärntner Ring or in Bösendorfer Strasse. ECO will take four commercial properties that comprise 25,000 sm including the State Opera House in Vienna and a number of investment-quality office buildings in the center of Vienna.

The portion of the portfolio going to P&K Real Estate, a subsidiary of Pirelli RE, and Kronberg International, amounts to around 121,000 sm. About half of these properties are located in Vienna, the Rest are in top locations in Austrian state capitals. A little less than 31 properties--are used mostly for residential purposes, 47 of them are used as office and commercial spaces.