Austrian property company Immoeast and its parent company Immofinanz said on Monday they plan to jointly purchase the real estate division of Constantia Privatbank for EUR 440mln. Under the deal, Immoeast will pay Constantia EUR 264mln for a 60% stake in the unit, with Immofinanz paying EUR 176mln for the remainder. The transaction has yet to be approved by shareholders at the extraordinary general meetings of Immofinanz and Immoeast on 23 July and 25 July respectively.
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