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Conwert Won’t Offer an ‘Aggressive’ Price for LBBW Immobilien

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July 7 (Bloomberg) -- Conwert Immobilien Invest SE, an Austrian company that buys and renovates apartment blocks, may make a offer for Landesbank Baden-Wuerttemberg’s real estate unit, though the bid wouldn’t be “aggressive.”

“The portfolio is too big for us to make a bid alone, so we would team up with a partner,” Max Hohenberg, a spokesman for Vienna-based Conwert, said by telephone today. “We would not be aggressive on the price.”

LBBW is selling its real estate as part of a plan to shrink its balance sheet following a 5 billion-euro ($7.2 billion) bailout by the company’s owners, which include the state of Baden-Wuerttemberg and regional savings banks, during the financial crisis. The unit, LBBW Immobilien GmbH, owns about 20,000 apartments.

LBBW Immobilien may be valued at about 1.5 billion euros, Financial Times Deutschland reported in May.

Patrizia Immobilien AG, an Augsburg, Germany-based real-estate company, is “seriously interested” in buying the company, spokesman Andreas Menke said today. Deutsche Wohnen AG, based in Frankfurt, said it may make an offer. The bidding may start as early as this month, Deutsche Wohnen said.

To contact the reporter on this story: Zoe Schneeweiss in Vienna at zschneeweiss@bloomberg.net.

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net.

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