(Bloomberg) -- Petrus Advisers Ltd. sold most of its Immofinanz shares just a week after announcing a stake and calling for talks over “strategic alternatives” for the Austrian landlord with its majority owner.
The activist hedge fund led by former Goldman Sachs Group Inc. investment banker Klaus Umek reduced its direct holdings in the company to 1.1% on Thursday from 6.4% earlier, according to a regulatory filing Tuesday. Its voting rights held indirectly via financial instruments fell to 2.8% from 3.5%.
On Sept. 23, Petrus said it had built a 11.5% stake in Immofinanz and said its majority owner, billionaire Radovan Vitek’s CPI Property Group should start negotiations about the company’s future. It said the fair value of the shares could rise to as high as €31 by next year.
Immofinanz shares dropped 43% in September, their first monthly loss since February. Previously, the stock had rallied as some investors anticipated a squeeze-out by CPI Property, which holds a 75% stake.
Immofinanz shares fell 0.8% to €17.82 on Tuesday in Vienna. A spokesman for Petrus declined to immediately comment on the investment.
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