Liquid Real Estate Awards 2008: Best investment manager, Emerging Europe
Immoeast’s recent purchase of Constantia Privatbank’s real estate division has set the stage for the next act in the Austrian investment manager’s growth story. Rachel Wolcott reports.
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.