Austrian Conwert sells EUR 18m properties to German DWS.
(ADPnews) - May 11, 2010 - Austrian real estate company Conwert Immobilien (WBAG:CWI) announced today it sold properties for EUR 18.1 million (USD 23m) to German real estate fund DWS Access Wohnen GmbH & Co KG.
The sold real estate consists of eight blocks of flats located in Dresden, Berlin, Hamburg, Bad Nauheim and Frankfurt am Main.
Conwert's German subsidiary Alt+Kelber will take responsibility for the asset management of DWS Access Wohnen. It will be in charge of the identification, inspection and purchase of assets. It will also be responsible for the development, renting and sale of properties.
DWS Access Wohnen is a fund of German DWS Investments GmbH, which in turn belongs to Deutsche Bank (ETR:DBK).
(EUR 1.0 = USD 1.269)