IMMOFINANZ Group has withdrawn its non-binding offer for the purchase of the tendered shares in GBW AG, Munich, and informed the seller, Bayerische Landesbank, of this decision on 13 February 2013.
“Under the given constellation it is not possible for us to form a listed German-Austrian residential real estate corporation within an acceptable timeframe“, explains Eduard Zehetner, CEO of IMMOFINANZ Group. “However, we are convinced that GBW AG is a successfully managed residential property company with an excellent portfolio in Bavaria.“
IMMOFINANZ Group will continue the pursuit of its strategic goal to strengthen the residential property business under direction of its wholly owned subsidiary BUWOG through acquisitions and its own development projects in Germany. This strategy also includes a possible IPO for BUWOG in the future.