Immofinanz delays Buwog IPO because of weak market

VIENNA Wed Jul 24, 2013 7:37am EDT

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VIENNA (Reuters) - Austrian property group Immofinanz (IMFI.VI) is unlikely to list its residential property unit Buwog as planned this year because of a weak market environment, a company spokeswoman said.

"We are now looking at 2014," she said, confirming remarks made by Immofinanz Chief Executive Eduard Zehetner to Bloomberg in an interview.

Immofinanz had planned a Frankfurt IPO for Buwog this year and hoped to raise up to 750 million euros ($991 million) from the sale of just over half of the unit.

The company, which also owns property in central and eastern Europe, has been beefing up its German housing portfolio in preparation for the move.

(Reporting by Alexandra Schwarz-Goerlich; writing by Georgina Prodhan; editing by Tom Pfeiffer)

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