Real Estate Leasing

Erste Group Immorent GmbH (EGI) has been an important pioneer in the Austrian property leasing market since 1970. Real Estate Leasing was one of Erste Group Immorent’s core products in both its domestic and foreign markets, which was reflected by the international expansion it underwent, particularly in the CEE region, from 1996 onwards.

In the aftermath of the financial crisis in 2007/2008, however, there was a substantial downturn in demand for property leasing. As a result of the small margins and low interest rates, as well as the disproportionately high processing costs involved, Erste Group took the decision, in 2016, not to conclude any new property leasing contracts in future.

In the area of property leasing in Austria activities are being phased out - but our existing property leasing clients continue to receive a high-quality service. So as to remain a reliable partner to our clients, small extension or refurbishment projects for existing assets will continue to be supported.

ÖNORM B 1300 (residential buildings) and B 1301 (non-residential buildings)

The holders of a property (owners, lessees) must in particular exercise care that their asset does not pose any danger to the safety of people or their possessions.

In this context the concept, in case law, of “duty of care” and “building liability” in accordance with section 1319 of the Austrian Civil Code (ABGB) is of pivotal importance. Regular, expert checking of a property for any damage or sources of danger can highlight any components or fittings that might pose a hazard and help minimise or prevent liability.

The ÖNORM B 1301 standard published in 2016 and the ÖNORM B 1300 standard updated in 2018 have created practical recommendations on carrying out safety checks which, if followed, protect the persons responsible for safety to a large extent from liability. In the same way as the vehicle checks specified in section 57a of the Motor Vehicles Act (KFG), these checks are offered by a number of specialist companies and individual experts who/which are certified to perform them.

We have set ourselves the target of putting all of our leased assets through the safety examination and ensuring that any safety-relevant measures identified as a result of these checks are implemented. The safety of the people in buildings rented out by us is of the utmost importance to us. We are sure that in so doing we are also acting wholly in our clients’ interests.