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Report: Vienna Insurance's 10% stake in S IMMO eyed by Austrian developer

Vienna Insurance Group AG's 10% stake in S IMMO AG could be acquired by Austrian property developer Rene Benko "within days," Reuters reported, citing Austrian daily Der Standard, which cited a "reliable" source.

Citing a Vienna Insurance spokesman, Reuters had recently reported that the stake in the real estate investment company has drawn interest from "several parties."

The March 23 report noted that Benko already has an option to buy a 21.8% stake in S Immo from investor Ronny Pecik. If Benko acquires Vienna Insurance's stake and also exercises the option, he would be required to make a mandatory offer for S Immo.

Benko owns a real estate portfolio with a gross asset value of more than €10 billion through his Signa Holding, the news outlet noted.