Successful sale of Hanzevast property management activities in Austria (AT)

Hanzevast GmbH in Austria has successfully transferred the property management contract and therewith the property management activities of the Millennium Tower building in Vienna to MPC AG.

All staff members of the executing entity (Millennium City Betriebsgesellschaft: 'MCB') as well as the 21 employees of Hanzevast Austria that are responsible for commercial, technical and financial affairs, will transfer to the new property management firm that has been specially founded for this purpose.

MCB - who administrates and invoices predominantly the service charges - has in this connection been sold in its entirety to the new owner. Gottfried Glattauer, the director responsible for this transaction, will remain employed by Hanzevast.

Sachwert Rendite Fonds Austria I - to which the Millenium City belongs - is as such the first fund that, after the demerger in 2006, has been transferred to MPC. According to existing arrangements the entire MPC portfolio that is currently still managed by Hanzevast will be gradually transferred in the coming years.

In Austria Hanzevast will henceforth exclusively focus in Austria on the placement of real estate- and shipping funds. Hanzevast Capital Austria GmbH has in the mean time obtained the necessary license for placement of closed-end funds in Austria and has already introduced successfully the first Hanzevast funds.

Source: LVB Networks

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