Sagi to Focus on Conwert CEO, Restructuring After Purchase

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MountainPeak Trading Ltd., owned by Israeli billionaire Teddy Sagi, said it will work with all shareholders in the search for a new chief executive officer for Conwert Immobilien Invest SE after becoming the biggest owner in the Austrian property company.

MountainPeak, which bought a 25 percent stake in Conwert from Hans-Peter Haselsteiner’s family trust, also plans to appoint new members to the administrative board, according to a statement Friday. Conwert shares rose as much as 4.5 percent in Vienna and traded at 11.84 euros at 1.31 p.m. local time.

Conwert announced plans to cut financing costs, further reduce vacancies and focus solely on residential real estate in March. Shareholders rejected a takeover offer from Deutsche Wohnen AG a month later and then last week the company said Clemens Schneider was standing down as chief executive officer because of differing views over strategy.

“Investors are greeting the fact that the restructuring may be executed more quickly,” said Franz Hoerl, a Vienna-based analyst at Erste Group Bank AG. “Takeover speculation on the other hand has waned a bit.”

While Sagi didn’t give a price for his purchase, Conwert shares equal to 16 percent of the company were sold at 12.50 euros and 12.75 euros on May 13, data compiled by Bloomberg show. A spokeswoman for Haselsteiner declined to comment and a spokesman for MountainPeak didn’t immediately respond to a phone call and an e-mail.

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