Reindl was responsible for Immofinanz’s property portfolio and had been with the company since 2012. He was elected to the board in May 2014.

Schönauer joined in 2008 and was responsible for group finance and tax having been elected to the board as CFO in March 2016.

In a statement, the Austrian-based CEE property company said their contract as board members shall end at 8 June 2022. ‘Dietmar Reindl and Stefan Schönauer will continue to work for the company as advisors to the executive and supervisory board until 31 December 2022,' according to the company.

Radka Doehring, who was appointed as an executive board member in April, takes over their responsibilities. The chartered accountant used to work for CPI, and also served for over nine years as finance director responsible for finance, property management and licence fee departments at RTVS, the public broadcasting company in Slovakia.

Miroslava Grestiakova, chairwoman of the Immofinanz supervisory Board thanked both Reindl and Schönauer. ‘We thank Dietmar and Stefan for their important role in repositioning Immfinanz as a successful commercial real estate player in its markets. Their passion and efforts made Immofinanz become a very innovative, profitable and also crisis resilient company in these challenging times.’

Martin Nemecek, vice chairman of the Immofinanz supervisory board and CEO of CPI Property Group, added: ‘Dietmar and Stefan in their role as executive board members, together with their passionate employees, formed an outstanding real estate company. This great success attracted CPI Property Group and we are proud to become the major shareholder. I would like to thank Dietmar and Stefan that they will be advising the company and continue to contribute with their experience in future projects.’

Reindl said in a statement that creating ‘the new Immofinanz by realizing real estate solutions for our clients throughout Europe was the driver of success during the last years’.

‘Being market leader for retail parks in Europe and frontrunner for flexible serviced office solutions are part of the success story achieved by a highly professional team Now being part of an even larger real estate group opens new opportunities that I am sure will be realized and create the leading real estate company in CEE if not in Europe!.’

Schönauer said: ‘It was my pleasure to work with all of you and I wish you lots of success and all the best for the future. Together we have transformed Immofinanz into a very profitable company by reducing structural complexity and solving many legacy issues from the past. I am proud to hand over our company holding a stable investment grade rating from S&P, a very strong balance sheet with low indebtedness and an over the last years continuously growing FFO. With CPI Property Group, Immofinanz now has got a long term major shareholder leading the company into a stable and successful future.’

CPI gained control over Immfinanz just weeks ago after a saga that involved previous failed attempts.