Teddy Sagi‘s MountainPeak Trading has signed an agreement with Haselsteiner Foundation and Albona Limited to buy 24.8% stake in property group Conwert Immobilient Invest SE, at a market cap of €975 million.
The investment makes Sagi group the largest shareholder in the company, which is traded on the Vienna Stock Exchange.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at email@example.com.
Conwert fended off a hostile takeover bid in 2001. The company 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.
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.
MountainPeak Trading Limited is wholly owned by British-Virgin-Islands based Longway Trading, which in turn is wholly owned by The GoodVision Trust, whose sole beneficiary is Sagi.