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07.07.2006

BA-CA Increases its Holding in WED

Bank Austria Creditanstalt (BA-CA) has acquired a further 20 per cent of the shares in WED – Wiener Entwicklungsgesellschaft für den Donauraum AG, increasing its direct interest in WED from 18 to 38 per cent. The remaining 62 per cent of WED shares are held by seven large Austrian banks and insurance companies through a holding company, in which BA-CA is the largest shareholder with 48 per cent.

“WED is developing what is easily the largest real estate project in Austria. We believe in this second city centre for Vienna, which has developed extremely well so far", said Regina Prehofer, a member of the BA-CA management board and chair of the WED supervisory board. “WED is just about to develop the core area with new towers. In this situation, we want to be a stable core shareholder.” In total BA-CA now holds 68 per cent of the shares in WED. The stake was sold by Japanese property developer Nomura –Nomura Europe Development B.V.

Investments of EUR 1.5 to 2 billion
WED was spun-off from EXPO AG in 1991 and is developing Vienna DC Donaucity, a centre for work, living, research and leisure on a site between the UNO-City and the Danube. Some 7,500 people already live and work in this city of the future. The final completion stage will be reached in three to six years. At present just under two thirds of the project have been completed and are in use. The investment volume for this large-scale project runs to approximately EUR 1.5 to 2 billion.

In addition to the Uno-City and Austria Center Vienna, transport infrastructure and the covering of the A22, the following buildings have also been erected in Vienna DC in recent years: Andromeda Tower (1998), Wohnpark Donau-City (1999), Ares Tower (2001), Tech Gate Vienna (2001), Saturn Tower (2004), Tech Gate Tower (2006).

New Skyscrapers on the Danube
Due to the rapid development of Vienna DC, the French star architect Dominique Perrault has drawn up a revised master plan for the remaining plots of land. The next stage is the construction of two new high-rise buildings in the core area of the Donau-City, among them the highest tower in Austria, DC Tower 1 which will soar 200 m with 58 storeys, and the 160 m high DC Tower 2 with 40 floors.


Enquiries: Bank Austria Creditanstalt Press Office Austria
Christian Kontny, Tel. +43 (0)5 05 05 Ext. 52483;
E-Mail: christian.kontny@ba-ca.com