Immofinanz sees German portfolio IPO-ready end 2013
VIENNA Aug 5 (Reuters) - Austrian property group Immofinanz said it expected to acquire enough German real estate by the end of 2013 to be ready for a listing of its Buwog residential unit.
"I assume we'll be done with the process at the end of the calendar year," Chief Executive Eduard Zehetner told journalists on Monday after the company reported full-year results late on Friday.
Immofinanz has postponed the planned spin-off or initial public offering of Buwog until 2014, and Zehetner reiterated that current market conditions were not favourable for an IPO.
He said the company now had 4,000 to 5,000 residential units in Germany, and would need at least 15,000 to 20,000 before the IPO or spin-off to existing shareholders. (Reporting by Georgina Prodhan; Editing by Michael Shields)
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