Immofinanz buys 1,185 Berlin flats for 50 mln eur

VIENNA Wed Nov 20, 2013 4:47am EST

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VIENNA Nov 20 (Reuters) - Austrian property group Immofinanz has bought another 1,185 flats in Germany for 50 million euros ($68 million) in preparation for a listing or spin-off of its Buwog unit.

The apartments are in and around Berlin and bring Buwog's total to 8,430 units in Germany and 27,100 in Austria, Immofinanz said in a statement on Wednesday.

Immofinanz aims to have at least 15,000 to 20,000 housing units in Germany before listing Buwog on the Frankfurt stock exchange next year. ($1 = 0.7394 euros) (Reporting by Georgina Prodhan; editing by Michael Shields)

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