VIENNA Aug 7 Austrian property group Immofinanz
has sold the majority of its residential portfolio in
the province of Upper Austria, it said on Wednesday.
Immofinanz, which is selling Austrian assets and buying
German property in preparation for a listing of its Buwog unit,
declined to give a price for the sale of the properties to
Linz-based building company WAG but said it was above book
Managing Director Alexander Hoff said the step would help
Immofinanz strengthen its positions in Vienna and northern
Germany including Berlin, the core markets for Buwog.
"We are therefore continuing to systematically implement our
IPO-related strategy and will invest the funds we generate from
these sales in these two core markets," he said in a statement.
(Reporting by Georgina Prodhan; editing by Jane Baird)