DGAP-News: IMMOFINANZ subsidiary BUWOG Acquires 315 Flats in Kassel
(firmenpresse) - DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate
IMMOFINANZ subsidiary BUWOG Acquires 315 Flats in Kassel
05.11.2013 / 10:37
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* Purchase price EUR 9.01 million and gross return 9.58 percent
* Low vacancy rates and good potential for increasing rents
* Total portfolio in Kassel increases to 1,505 flats
BUWOG, a wholly-owned subsidiary of IMMOFINANZ Group, has acquired 315
flats in Kassel and expanded its portfolio in the city to 1,505 residential
units. The properties just purchased have over 18,852 sqm of total lettable
space, the purchase price is EUR 9.01 million, and the gross return 9.58
percent. The sellers are Franconia Invest West and CitCor Franconia Kassel.
The residential complexes are located in green areas in the districts of
Bettenhausen, Nord-Holland, and Kirchditmold, and are distinguished by a
very low vacancy rate of just 2.33 percent. The current average rent of EUR
3.93/sqm is below the Kassel market average and suggests a commensurate
potential for increase due to the demand in the respective districts of the
city.
'Kassel is a medium-sized and highly attractive market', says Daniel Riedl,
BUWOG managing director and management board member of the parent company
IMMOFINANZ AG, explaining the recent activity in this city. 'We have
expanded our market position with at least 1,500 flats; the location is an
exact fit to our longer-term strategy to continually grow in the northern
German federal states'.
With about 200,000 residents, Kassel is the third largest city of the state
of Hessen and a market with very favourable development prospects. Prognos
Zukunftsatlas rates Kassel as one of the German cities with the greatest
momentum. Its central location in Germany and importance as an industrial
centre are additional advantages.
For BUWOG the purchase of the Franconia portfolio is already the fifth
major transaction on the German market in the current calendar year. So far
1,916 flats have been acquired in Berlin, 900 flats in Lüneburg and Syke,
582 flats in Kiel, and 1,190 flats in Kassel. BUWOG now owns a total of
7,200 flats in Germany in addition to development projects with another
1,500 units in Berlin.?On BUWOG Group
BUWOG Group (BUWOG and ESG-Villach) is the leading private residential
property company in Austria with a portfolio of 34,400 flats (approx.
27,200 in Austria, approx. 7,200 in Germany). With a construction volume of
around 700 flats in greater Vienna each year, BUWOG Group is one of the
most active residential 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 it the leading facility manager in Austria.
BUWOG Group's most important growth market is the German residential
property market, particularly Berlin and the northern federal states. In
2012 BUWOG also entered the Berlin residential development market with the
takeover of a renowned Berlin-based development company and has a project
pipeline of about 1,500 flats.
BUWOG is a wholly-owned subsidiary of the listed company IMMOFINANZ AG.
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 10.4 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.: +43 1 / 233 01 23-15; Mobile: +43 676 / 542 39 09;
E-Mail: brey(at)lustigbrey.at
MEDIA INQUIRIES | IMMOFINANZ Group
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| IMMOFINANZ Group
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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05.11.2013 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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237853 05.11.2013
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Datum: 05.11.2013 - 10:37 Uhr
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News-ID 312608
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