Austrian property group Immofinanz will spend €390 million ($483 million) to take a 29.1 percent stake in S IMMO AG, a real estate investment company with its head office in Vienna.
Immofinanz already owns 26 percent of another rival, CA Immo.
Recently, U.S. property investment firm Starwood Capital Group launched its bid for minority stakes in CA Immo as well, and Immofinanz as it seeks exposure to markets in central and eastern Europe.
Starwood Capital considers Austria, Germany, and central and eastern Europe as attractive markets and is committed to increasing its real estate exposure there.
