(Bloomberg) -- Austrian property developer and industrialist Georg Stumpf accumulated a 10% stake in landlord Aroundtown SA.

Estimated as the country’s third-richest person by Trend magazine, with wealth of about €6.5 billion ($6.9 billion), Stumpf owns a 0.9% direct stake and 9.1% further voting rights via options maturing May 2024, the company said in a regulatory filing Sunday.

The stake is worth €258 million, according to Monday’s stock price in Frankfurt.

Stumpf descends from a prominent Viennese builder family and has built his own fortune via projects like the city’s Millennium Tower and stakes in industrial conglomerates. 

Aroundtown amassed a vast and disparate real estate portfolio over the past decade, using bond markets to finance the purchase of hotels, offices, homes and stores across the continent. The company’s stock has lost more than 70% of its value in the last two years amid headwinds for the real estate industry from rising interest rates.

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