The Austrian group Conwert is trying to offload its properties in the Czech Republic and Slovakia. The company has a number of B class offices and apartment blocks, the majority of which are located in Brno and Pilsen. Conwert said it is already in advanced talks with a potential buyer. It also said that it has cut the value of its Czech and Slovak properties by €5m to €50m. The value of Conwert’s portfolio totals €2.8bn. Its revenues reached €516m last year.
Conwert wrote in its annual report that it wants to reduce its portfolio and focus on the residential markets in Germany and Austria. Conwert is one of three foreign real estate companies that withdrew from the Czech market in 2014, following Hochtief Development and Bouwfonds.
