VIENNA, April 16 The former administrative board
chief of Austrian real-estate firm Conwert has made an
offer for the company's German portfolio together with a
consortium of investors.
A source with knowledge of the matter said the offer was
worth about 750 million to 800 million euros ($1.04-1.11
billion), corresponding to the net asset value of the business,
and that the consortium was led by a major U.S. insurer.
Johannes Meran, who left the administrative board and the
company on March 26, confirmed the offer, as did Conwert Chief
Executive Clemens Schneider. Both declined to go into details on
Conwert held inconclusive talks with at least one other
party last year to sell its German business. It has since said
its residential properties in Germany and Austria are its
(Reporting by Georgina Prodhan; Editing by Michael Shields)