Immofinanz agrees German buy, plans Buwog spin-off
VIENNA Feb 12 (Reuters) - Austrian real-estate group Immofinanz unit Buwog said it had agreed to buy 18,000 German homes for about 892 million euros ($1.21 billion), paving the way for the unit's spin-off.
Italy's Prelios, one of the two sellers along with Deutsche Asset & Wealth Management, said earlier on Wednesday the price comprised roughly 162 million euros in equity, 736 million euros in debt, and working capital.
Immofinanz said it expected to complete the acquisition in the second quarter and would propose the spin-off and listing in Frankfurt, Vienna and Warsaw to its shareholders at an extraordinary general meeting on March 14. ($1 = 0.7359 euros) (Reporting by Georgina Prodhan)
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