DGAP-News: IMMOFINANZ Group subsidiary BUWOG sells residential portfolio in Carinthia to theÖSW Group
(firmenpresse) - DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate/Disposal
IMMOFINANZ Group subsidiary BUWOG sells residential portfolio in
Carinthia to theÖSW Group
08.04.2013 / 09:56
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BUWOG, a wholly owned subsidiary of the listed IMMOFINANZ AG, has
successfully sold another major portfolio. In Carinthia, 35 properties with
a total of 781 apartments were sold to theÖSW Group, the largest private
non-profit development company in Austria. Seven of these properties were
owned directly by BUWOG and 28 by ESG, an affiliate managed by BUWOG. The
transaction price exceeded the carrying amount.
'The sale of portfolios in Austria is generating the liquid funds required
for our expansion on the promising German residential market, for example
in Berlin. The profitable sale of part of our Carinthian properties
represents a milestone toward an initial public offering by BUWOG and also
confirms our conservative real estate valuation', indicated Daniel Riedl,
COO of IMMOFINANZ Group and Chairman of the BUWOG Supervisory Board.
The provincial capital of Klagenfurt represents the focal point of the sold
portfolio with 515 apartments in 18 buildings. There are an additional 35
apartments in Villach as well as numerous other apartments in smaller
buildings at other locations throughout Carinthia. The residential space in
these properties totals approx. 59,000 sqm.
After the sale of the Vorarlberg portfolio and major parts of the portfolio
in Styria to local investors, this transaction is a further step in BUWOG's
concentration on its core markets. The focus for the future market of
Germany lies, above all, on the capital city Berlin, while activities in
Austria are turning to the greater Vienna area. Further sales transactions
by BUWOG in the other Austrian provinces should follow during the coming
quarters.
'The residential property sector in Austria is currently an excellent
seller's market. The gradual shift in the portfolio to Germany will support
an improvement in gross rental yields and clearer positioning in the
'German Residential' peer group', explained BUWOG Managing Director
Alexander Hoff.
IMMOFINANZ Group recently (as of 31 January 2013) recorded a yield of 7.5%
on the German residential market and 4.8% in Austria. 'With financing costs
under 2%, a loan-to-value (LTV) ratio of approx. 50% and very long-term
financing, BUWOG is very well positioned', added Daniel Riedl.ÖSW Management Board member Michael Pech, a native Carinthian, commented:
'This acquisition is a positive step for us in that it will expand our
portfolio in Carinthia. TheÖSW Group now manages over 6,300 apartments in
Carinthia and almost 56,000 units in Austria.'
The sale of this residential property portfolio to theÖSW Group is a
win-win solution for BUWOG and for the Carinthian tenants. 'For BUWOG, it
is a further step on a course that will concentrate business activities on
the core expertise in major cities. Tenants will benefit from theÖSW Group
and its long-standing activities in Carinthia. Together with the non-profit
residential property construction companies Kärntner Siedlungswerk-KSW and
Drau Wohnbau-DWB, theÖSW Group is very familiar with processes and
procedures in subsidised residential construction. Our former tenants will
continue to have a competent and responsible owner as a partner', explained
Alexander Hoff.
On IMMOFINANZ Group
IMMOFINANZ Group is one of the leading listed property companies in Europe
and is included in the leading ATX index of the Vienna Stock Exchange.
Since its founding in 1990, the company has compiled a high-quality
property portfolio that now comprises more than 1,810 investment properties
with a carrying amount of approx. EUR 10.49 billion. As a 'real estate
machine' the company concentrates on linking its three core business areas:
the development of sustainable, specially designed prime properties in
premium locations, the professional management of these properties and
cycle-optimised sales. Active and decentralised asset management leads to
an increase in rental income and the reduction of vacancies. The liquid
funds generated by sales are reinvested in new development projects and, in
this way, keep the machine running. The company's goal is to generate
greater profitability along the entire value chain with a clearly defined,
standardised and industrialised process. IMMOFINANZ Group concentrates its
activities in the retail, office, logistics and residential segments of
eight regional core markets: Austria, Germany, Czech Republic, Slovakia,
Hungary, Romania, Poland and Russia. Further information under:
www.immofinanz.com
On BUWOG
The BUWOG Group, a subsidiary of the listed IMMOFINANZ AG, is the leading
private residential property company in Austria with more than 32,000
rental and condominium apartments, including over 2,300 in Germany. With a
new construction volume of 500 to 700 apartments each year in Vienna and
Berlin, it is one of the most active residential property developers and
builders in these two capital cities. Approx. 5,000 apartments in Vienna
and Berlin are currently in the planning stage or under construction.
Together with its facility management subsidiary BUWOG FM, the group
manages 1,900 apartments, offices, retail and hotel properties with 3.8
million sqm of usable space which also make BUWOG the leading private
facility manager in Austria.
For additional information please contact:
MEDIA INQUIRIES
Bettina Schragl
Head of Corporate Communications | Press Spokesperson
IMMOFINANZ Group
T +43 (0)1 88 090 2290
M +43(0)699 1685 7290
communications(at)immofinanz.com
INVESTOR RELATIONS
Stefan Schönauer
Head of Corporate Finance&Investor Relations
IMMOFINANZ Group
T +43 (0)1 88 090 2312
M +43 (0)699 1685 7312
investor(at)immofinanz.com
End of Corporate News
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08.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: IMMOFINANZ AG
Wienerbergstraße 11
1100 Wien
Austria
Phone: +43 (0) 1 88090 - 2291
Fax: +43 (0) 1 88090 - 8291
E-mail: investor(at)immofinanz.com
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Freiverkehr in Berlin, München, Stuttgart; Frankfurt in
Open Market ; Wien (Amtlicher Handel / Official Market)
End of News DGAP News-Service
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Datum: 08.04.2013 - 09:56 Uhr
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