April 16, 2014 / 11:32 AM / in 4 years

Conwert gets new offer for German portfolio

VIENNA, April 16 (Reuters) - 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 Wednesday.

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 primary focus. (Reporting by Georgina Prodhan; Editing by Michael Shields)

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