DGAP-News: IMMOFINANZ-subsidiary BUWOG sells the majority of its Upper Austrian portfolios
(firmenpresse) - DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate/Disposal
IMMOFINANZ-subsidiary BUWOG sells the majority of its Upper Austrian
portfolios
07.08.2013 / 11:02
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- 48 properties with 1,135 residential units and lettable space totalling
nearly 84,000 sqm
- Buyer WAG therefore reinforces its leading position in Upper Austria
- BUWOG focuses on Vienna and expansion in Germany
BUWOG, a wholly-owned subsidiary of the listed IMMOFINANZ Group, has sold a
majority of its residential portfolio in Upper Austria. The portfolio
includes 48 properties with 1,135 flats and lettable space totalling nearly
84,000 sqm. The buyer of the BUWOG portfolio is the Linz-based residential
building company WAG, which has further reinforced its leading market
position in Upper Austria with this acquisition. The transaction was made
above carrying value. The two partners to the contract have agreed not to
disclose any information on the purchase price.
The largest stakes are accounted for by Linz and its surroundings with 303
flats, Wels and Steyr with 253 flats as well as additional district
capitals with 445 flats and other municipalities with 134 flats. In Upper
Austria BUWOG still retains 18 properties and co-ownership stakes with 693
flats and 51,128 sqm of lettable space.
After the sale of the Vorarlberg portfolio and parts of its portfolio in
Styria and Carinthia, the sale of the Upper Austrian portfolio is another
step toward concentrating on the company's core markets for BUWOG. In
Austria the focus is on greater Vienna, in the future market of Germany the
northern federal states and capital Berlin. 'We are therefore continuing to
systematically implement our IPO-related strategy and will invest the funds
we generate from these sales in these two core markets', says Managing
Director Alexander Hoff.
BUWOG is currently reviewing several portfolio acquisitions on the German
market. The aim of gradually shifting the portfolio to Germany is an
increase in gross rental income and a clearer positioning in the German
residential peer group.
'With WAG we've found a truly ideal partner for our Upper Austrian
portfolio', says Hoff. 'WAG is at home in Upper Austria, but its portfolio
is similarly structured and the company is an experienced and renowned
specialist in the area of subsidised residential building. The sale does
not present the slightest disadvantage to the former BUWOG and future WAG
tenants. Through the ongoing property management our tenants will even
profit from belonging to a local Upper Austrian company'.
BUWOG Group:
The BUWOG Group (BUWOG and ESG-Villach), is the leading private residential
property company in Austria with a portfolio of nearly 33,000 rental and
privately-owned flats (28,600 in Austria, 4,200 in Germany). With a new
construction volume of around 700 flats in greater Vienna each year, the
BUWOG Group is one of the most active residential builders and property
developers in Austria. Together with its facility management subsidiary
BUWOG FM, the group manages 2,300 residential, office, retail, and hotel
properties with 3.8 million sqm of usable space, which also makes BUWOG the
leading property facility manager in Austria.
BUWOG Group's most important growth market is the German residential
property market. The company has been present there since 2010 with a
portfolio ofnow more than 4,000 flats in Berlin. With the takeover of a
renowned Berlin development company, in 2012 BUWOG also entered the Berlin
market in new residential construction and is developing a project pipeline
of about 1,400 flats.
BUWOG and ESG are wholly-owned subsidiaries of the listed company
IMMOFINANZ AG.
WAG:
WAG operates in the areas of residential property, building and services.
With 21,800 of its own flats, 35,300 of its own and managed units, 200
employees in a total of eight locations, and revenues of EUR 100.8 million
(financial year 2012), WAG is the biggest residential property company in
Upper Austria.
On IMMOFINANZ Group
IMMOFINANZ Group is one of the leading listed property companies in Europe.
The company is included in the leading ATX index of the Vienna Stock
Exchange and also trades on the Warsaw Stock Exchange. Since its founding
in 1990, the company has compiled a high-quality property portfolio that
now comprises more than 1,700 investment properties with a carrying amount
of approx. EUR 10.5 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.
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: http://www.immofinanz.com |
http://blog.immofinanz.com | http://properties.immofinanz.com
For additional information please contact:
BUWOG Press Office, c/o LUSTIG+BREY
Thomas Brey, Tel.: 01 / 233 01 23-15; Mobile: 0676 / 542 39 09; E-Mail:
brey(at)lustigbrey.at
IMMOFINANZ:
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
investor(at)immofinanz.com
End of Corporate News
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07.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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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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224631 07.08.2013
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Datum: 07.08.2013 - 11:02 Uhr
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News-ID 285359
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