IMMOFINANZ subsidiary BUWOG in discussions over the acquisition of a large residential property portfolio in Germany
BUWOG, a wholly owned subsidiary of IMMOFINANZ Group, is currently involved in a number of negotiations to expand its residential property portfolio in Germany. In this connection, discussions are also in progress with Solaia RE S.à.r.l Group, a joint venture of Prelios and an investment fund managed by Deutsche Asset & Wealth Management – Real Estate, concerning the possible acquisition of a portfolio that covers nearly 18,000 housing units in the north of Germany.
The outcome of these discussions is expected around the year end 2013.
On BUWOG Group
After recent acquisitions BUWOG owns about 7,200 apartments in Germany (and approx. 27,200 in Austria). In preparation for the planned listing of BUWOG shares in 2014 the German portfolio should be increased to 15,000 to 20,000 units. In 2013, BUWOG has already announced five acquisitions, including Kiel, Kassel and Berlin.
IMMOFINANZ Group plans to reduce its stake in BUWOG to less than 50%. This will take place through a spin-off or an initial public offering (IPO). The transaction is scheduled for 2014, the main listing of the BUWOG share will take place in Frankfurt.