July 2, 2018 / 8:48 AM / 6 months ago

Immofinanz to sell CA Immo stake to Starwood

VIENNA, July 2 (Reuters) - Austrian property group Immofinanz agreed to sell its nearly 26 percent stake in rival CA Immo for 758 million euros ($882 million) to U.S. investment firm Starwood, it said on Monday.

CA Immo management and regulatory authorities have to approve the deal, Immofinanz said, adding that it expects the deal to close in the third quarter.

Parts of the proceeds will be used to buy back its own shares, Immofinanz said.

$1 = 0.8593 euros Reporting by Kirsti Knolle; editing by Jason Neely

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