CONWERT IMMOBILIEN INVEST SE VIENNA (Reuters) - The Haselsteiner Foundation and Albona Limited have sold a 24.8-stake in property group Conwert (>> conwert Immobilien Invest SE) to Israeli billionaire investor Teddy Sagi's Cyprus-based MountainPeak Trading Limited, the Austrian company said on Friday.
Conwert fended off a hostile takeover bid by German rival Deutsche Wohnen (>> Deutsche Wohnen AG) last month, against the will of Conwert's biggest shareholder, the Haselsteiner family foundation, which held around 24.4 percent.
Conwert's administrative board unanimously decided to end Chief Executive Clemens Schneider's mandate with immediate effect, the company said.
The deal, which was agreed on May 6, is expected to close on May 13, Conwert said. Sagi has invested in betting software and property in London.
"The relevant Conwert shares represent 24.79 percent of the share capital and voting rights in Conwert," the real estate company said.
The stake will go to MountainPeak Trading Limited, which is wholly owned by British-Virgin-Islands based Longway Trading, which in turn is wholly owned by The GoodVision Trust, whose sole beneficiary is Sagi.
Some Conwert shareholders have said that it remained ripe for a takeover after the Deutsche Wohnen bid failed. Conwert's management is expected to push ahead with reducing financing costs and vacancy rates and streamlining its portfolio to help boost the share price.
Klaus Umek of Petrus Advisers, Conwert's second-biggest shareholder at 6.7 percent, has said he would consider selling at 13.50 euros. He added that he did not feel under pressure to sell and wants to give management another chance.
Conwert's shares rose more than 5 percent on Friday.
(Reporting by Shadia Nasralla; Editing by Dan Grebler)
