Austria's Immofinanz appoints Daniel Riedl as Buwog CEO

VIENNA Wed Oct 2, 2013 10:31am EDT

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VIENNA Oct 2 (Reuters) - Austrian property group Immofinanz has named Daniel Riedl as chief executive of its Buwog operation, for which it plans a spin off to existing shareholders or an initial public offering next year.

Riedl, who is currently supervisory board chief of Buwog, will remain on the Immofinanz executive board with his current responsibilities including real-estate development and marketing until the planned listing, the company said on Wednesday.

Immofinanz reiterated that it would initially reduce its stake in Buwog, the subsidiary that holds its German and Austrian residential property portfolio, to less than 50 percent and said that preparations have begun for a Frankfurt listing next year.

(Reporting by Georgina Prodhan; Editing by David Goodman)

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