Austrian property group Immofinanz has acquired a 49% stake in property services firm EHL Immobilien after signing a partnership agreement with the company for the asset and centre management of a 'significant part' of the Immofinanz group's portfolio.

In a statement this week, Immofinanz said that it has agreed on a long-term cooperation with EHL Immobilien for the management of 1.7 million m2 of commercial space in Central, Eastern and Southeastern Europe. As part of the deal, EHL Immobilien will take over the management of 92 office, retail and logistics assets owned by Immofinanz in Slovakia, Poland, the Czech Republic, Hungary and Rumania.

Branches of EHL in the CEE countries are responsible for the rental and management (expansion, modernisation etc.) of the real estate portfolio.

The transaction is subject to the approval of anti-trust authorities.

Founded in 1991, EHL Immobilien is majority-owned by Michael Ehlmaier and provides services for a range of property types including high-quality offices, high-yielding investment properties, prime retail premises, owner-occupied and rented residential accommodation in Vienna. It recently expanded its network to the East of Europe, setting up subsidiaries in Budapest, Prague, Warsaw and Bratislava.

EHL is also the exclusive Austrian service partner of the international property services group Savills.