DGAP-News: IMMOFINANZ-subsidiary BUWOG acquires portfolio with 1,190 flats in Kassel
(firmenpresse) - DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate
IMMOFINANZ-subsidiary BUWOG acquires portfolio with 1,190 flats in
Kassel
26.08.2013 / 10:02
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- 88,483 sqm of lettable space in three locations in the southwest of the
city
- Low vacancy rate and average rents with upward potential
- Kassel is one of Germany's economically most dynamic cities
BUWOG, a wholly-owned subsidiary of IMMOFINANZ Group, has completed another
acquisition in Germany. A portfolio with total lettable space of 88,483 sqm
was purchased in Kassel; the package's 1,190 flats are situated in three
locations in the southwestern part of the city. The purchase price is EUR
45.8 million, the gross return is 9.16 percent.
The portfolio stands out due to a very low vacancy rate of just 2.49
percent and a stable tenant mix with low fluctuation. The average rent of
EUR 4.05 / sqm is below the market average for Kassel and therefore
indicates a commensurate upward potential as well.
Nearly three quarters of the portfolio are accounted for by the
Kassel-Waldau location near the centre, nearly one quarter by
Kassel-Oberzwehren, the small remainder by Kassel-Eichwald. The actual
rental revenues reach a total of EUR 4.2 million per year.
With 200,000 residents, Kassel is an attractive medium-sized market and its
favourable business development - in the most important location rankings
the city is listed among Germany's top 10 most dynamic cities - ensures
excellent prospects for it. The central location in Germany and outstanding
connection to the high-speed rail network are other advantages.
'Our acquisition strategy differs from those of numerous competitors in
that we are not focused on the biggest, but on the best markets. For us the
decisive criteria are the upward potential for rents and the opportunity to
grow further at one location', says BUWOG Managing Director Alexander Hoff.
'The Kassel portfolio was an excellent buying opportunity with high yields
and sound pricing, and for that reason we are also exploring other
potential acquisitions in the city'.
With the purchase in Kassel, BUWOG has already completed the third major
acquisition in Germany this year following the purchase of a portfolio in
Berlin (1,916 flats) and an additional portfolio in Northern Germany (900
flats in Lüneburg and Syke). BUWOG's existing residential portfolio in
Germany thus includes 6,300 units; there are also 1,500 flats in the
subsidiary BUWOG Meermann's development projects.?In Austria, however, BUWOG sold portfolios in Upper Austria and Carinthia
as well as further properties in other provinces with a total of more than
2,000 flats in 2013. Thus additional important steps were taken in the
scope of the strategy for Austria, which plans to concentrate portfolio and
building activities on the Vienna market.
BUWOG:
The BUWOG Group (BUWOG and ESG-Villach), is the leading private residential
property company in Austria with a portfolio of approx. 33,500 rental and
privately-owned flats (27,200 in Austria, 6,300 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
propertieswith 3.8 million sqm of usable space, which also makes it the
leading property facility manager in Austria.
BUWOG Group's most important growth market is the German residential
property market, particularly Berlin and the northern states. In 2012 BUWOG
also entered the Berlin market in new residential construction with the
takeover of a renowned Berlin development company and is developing a
project pipeline of about 1,500 flats.
BUWOG is a wholly-owned subsidiary of the listed company IMMOFINANZ AG.
More information:
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 Group
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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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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227442 26.08.2013
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