Corporate | 22 April 2013 10:00
IMMOFINANZ AG / Key word(s): Real Estate
22.04.2013 / 10:00
---------------------------------------------------------------------
BUWOG, a wholly owned subsidiary of IMMOFINANZ Group, has acquired a
residential portfolio in Germany. This package covers 1,916 apartments with
126,233 sqm of rentable space in Berlin-Neukölln. The seller is
Capricornus, the Germany real estate subsidiary of the Euréal Group. The
parties have agreed not to reveal any information on the purchase price for
the transaction. The acquisition is subject to the approval of the cartel
authorities.
'The portfolio is in excellent condition it has a gross return of eight
per cent and a vacancy rate of only two per cent. It therefore represents
an ideal addition to our other investments in Berlin. We now have over
4,200 apartments in this capital city', indicated Alexander Hoff, Managing
Director of BUWOG. 'This is the first of several planned acquisitions in
Germany.'
The acquired portfolio covers 40 buildings that form a large residential
complex. All the apartments are large and family-friendly, and also include
a balcony or terrace.
'Berlin is still one of the most reasonably priced major cities in Germany
when you look at rents and the prices for condominium apartments. However,
a catch-up process has been underway for several years and this upward
trend will continue in the future. This city benefits from relocation from
Germany's eastern provinces as well as a strong increase in the number of
households. In addition, residential construction is relatively low',
explained Hoff.
'We recently set a minimum level of 10,000 for the acquisition of
apartments in Germany as the requirement for a possible initial public
offering by BUWOG. Further acquisitions are currently under evaluation',
commented Daniel Riedl, COO of IMMOFINANZ Group and Chairman of the BUWOG
Supervisory Board. The gradual shift of the portfolio to Germany will allow
for an increase in the gross rental return and clearer positioning in the
peer group 'German Residential'.
At the beginning of April BUWOG announced the profitable sale of 781
apartments in Carinthia. Sales in the other Austrian provinces are expected
over the coming quarters.
On BUWOG
The BUWOG Group, a subsidiary of the listed IMMOFINANZ AG, is the leading
private residential property company in Austria with more than 34,000
rental and condominium apartments, including over 4,200 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.
On IMMOFINANZ Group
IMMOFINANZ Group is one of the leading listed property investors and
developers 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. 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
For additional information contact:
MEDIA INQUIRIES BUWOG
BUWOG Press Office, c/o LUSTIG+BREY
Thomas Brey, Tel.: 01 / 233 01 23-15; Mobile: 0676 / 542 39 09; E-Mail:
brey@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@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@immofinanz.com
A-1100 Wien, Wienerbergstraße 11
www.immofinanz.com
End of Corporate News
---------------------------------------------------------------------
22.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
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@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
---------------------------------------------------------------------
207904 22.04.2013