Immofinanz makes major German buy in Kassel
VIENNA Aug 26 (Reuters) - Austrian property group Immofinanz bought 1,190 apartments in Kassel for 46 million euros ($62 million), its third major acquisition in Germany this year.
Immofinanz is increasing the size of its German portfolio to add to its Buwog unit, which it hopes to list next year, and is selling Austrian properties outside Vienna.
The company said on Monday current rental revenues from the properties in Kassel - a town of 200,000 north of Frankfurt am Main with high-speed rail links - were 4 million euros per year, and the vacancy rate was just 2.5 percent. ($1 = 0.7461 euros) (Reporting by Georgina Prodhan; editing by Michael Shields)
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