March 27, 2018 / 9:39 AM / a year ago

CA Immo says needs details before weighing any Starwood offer

FILE PHOTO: The logo of Austrian property goup CA Immo is pictured during a news conference in Vienna, Austria, March 22, 2016. REUTERS/Heinz-Peter Bader/File Photo

VIENNA (Reuters) - Austrian property group CA Immo (CAIV.VI) needs to see a concrete offer from Starwood before it can say whether it makes sense and if the price is fair, its finance chief said on Tuesday.

The U.S. private equity firm offered to acquire a quarter of CA Immo and a smaller stake in its rival Immofinanz (IMFI.VI) last week, shortly after the latter called off a planned merger of the two.

“In addition to the price, you need to take into account what Starwood’s plans are, (and) which strategic direction the offer includes,” Hans Volkert Volckens told a news conference in Vienna.

Asked whether a merger of CA Immo, Immofinanz and S Immo (SIAG.VI) - Austria’s three big commercial property companies - would make sense, Volckens said: “Any form of consolidation in the commercial real estate sector makes sense from my perspective.”

Reporting by Kirsti Knolle; editing by Jason Neely

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