Vienna-listed residential property firm Conwert Immobilien Invest has been granted approval for the planned takeover of Austrian peer ECO Business-Immobilien by the antitrust authorities in Austria and Germany. Conwert said that if other conditions are met by the end of the acceptance period on 30 July, the transaction can expected to proceed rapidly.

'With the approval by the antitrust authorities in Austria and Germany, an important condition for the takeover of ECO has been met as expected. Our offer is going well and we assume that we will quickly bring it to a successful close,' Conwert CEO Johann Kowar added.

Conwert unveiled a EUR 6.50 per share takeover bid for Eco Business-Immobilien in mid-June. Conwert already holds just under 25% of the shares in Eco Business and manages the business.

The offer, if fully accepted, could reach a maximum volume of EUR 166.5 mln. Conwert would gain control of a property portfolio of roughly EUR 732 mln - 94% in Austria and Germany - with a rental yield of 6.2%.