UniCredit's Bank Austria unit has increased its stake in listed property company CA Immobilien Anlagen (CA Immo) to 17% following a voluntary partial takeover announced in December.

Bank Austria had offered EUR 12.35 per share to increase its CA Immo stake to as much as 29%, from 10% previously. 'From Bank Austria's perspective, the current strategic stake in CA Immo has been successfully increased,' the group said.

The offer was not directly recommended by Ca Immo's management who in January refrained from giving guidelines to shareholders with respect to the tender offer.

UniCredit announced in December that its Bank Austria unit planned to increase its CA Immo stake to just under 30%, the level at which it would have to make an offer to buy the entire group. The offer price was 18.6% above current price, but still 31.2% below last published NAV.