April 19, 2018 / 2:18 PM / in 6 months

UPDATE 1-Immofinanz puts CA Immo stake worth more than 700 mln euros on the block

(Adds details and background)

VIENNA, April 19 (Reuters) - Austrian property group Immofinanz is putting its 26 percent stake in peer CA Immo on the block, it said on Thursday, after a review of its strategic options.

The 25.7 million ordinary shares are worth around 706 million euros ($873.7 million) at current market prices, according to Reuters calculations.

Its investment also includes four registered shares which carry the right to appoint members to the supervisory board, Immofinanz said. The value of those shares was unclear.

“Immofinanz is starting a structured bidding process and invites investors to express their interest ... by 30 April 2018,” the company said.

Parties invited to the bidding process would get further information. The company gave no timetable for the process.

The disposal continues a welter of dealmaking in the Austrian property sector.

U.S. real estate investment firm Starwood Capital Group on Wednesday launched bids for minority stakes in CA Immo and Immofinanz.

Hours after Starwood’s offers were published, Immofinanz said it had agreed to buy more than 29 percent of S Immo , the third property group on Austria’s blue-chip ATX share index.

Immofinanz shares were up 0.4 percent, CA Immo stock was little changed and S Immo was down 2.9 percent by 1345 GMT.

$1 = 0.8081 euros Reporting by Michael Shields; Editing by Francois Murphy and Elaine Hardcastle

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