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Wiener Privatbank agrees property units sale, expects higher 2017 dividend

Wiener Privatbank SE has agreed to sell its real estate subsidiaries Costagasse 6 GmbH & Co KG and Wiener Privatbank Immobilienverwaltung GmbH to another of its property units, ViennaEstate Immobilien AG.

The transaction is part of Wiener Privatbank's restructuring brought on by the decision of Austrian real estate investors Günter Kerbler and Johann Kowar to sell their 61.37% majority stake in the bank to Slovakia's Arca Investments. As a result, Wiener Privatbank will have to split up its banking and its real estate operations.

ViennaEstate Immobilien, in which Wiener Privatbank holds a 32% stake, has previously showed interest in taking over the other two property subsidiaries, and Wiener Privatbank has now agreed to transfer its holdings to ViennaEstate Immobilien. The agreed price for Costagasse 6 is €15.3 million and the price for Wiener Privatbank Immobilienverwaltung stands at approximately €3 million, including dividend for 2017.

If the asset transfer is completed by the end of 2017, Wiener Privatbank said it expects to book an extra gain of some €7.9 million, which will lead to a considerable increase in its 2017 dividend payout to €2.65 per share, the bank said Oct. 5.