CBRE awarded mandate to sell largest Austrian commercial property portfolio ever

CB Richard Ellis, in partnership with NAI Otto Immobilien, NAI Global’s Austrian arm, has been awarded an exclusive mandate to sell a €650 million portfolio of commercial properties owned by BAWAG-PSK Real Estate, a subsidiary of BAWAG-PSK Bank. The former union bank was taken over by Cerberus Capital Management L.P., one of the world’s leading private investment firms, in May 2007.

The buildings are in prime locations in Vienna’s city centre and also in the federal provinces of Austria. The sale is expected to generate more than €650 million in two packages. The first package will be finalised by the end of this year and the second package is intended for sale in 2008.

Andreas Ridder, Managing Director CB Richard Ellis Austria, said: “This instruction highlights our globally-recognised ability to successfully coordinate innovative property solutions for clients both on a local and an international scale.”

“We are delighted to be working with NAI Otto and BAWAG-PSK on this significant portfolio sale. It’s an exciting and high-profile project and is the largest commercial property sale ever in Austria. “

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