VIENNA, April 22 Austrian property group
Immofinanz's Buwog unit bought a portfolio of 1,916
apartments in Berlin's Neukoelln district, another step in plans
for a stock market flotation of the unit.
It gave no price for the purchase from Capricornus, the
German real estate subsidiary of the Eureal group, which will
double the number of homes it owns in the German capital. The
deal still requires anti-trust approval.
"This is the first of several planned acquisitions in
Germany," Buwog managing director Alexander Hoff said in a
statement on Monday.
Buwog Chairman Daniel Riedl noted that the group had set a
minimum of 10,000 units in Germany as a condition for an initial
public offering of Buwog.
Immofinanz may completely exit Buwog after the planned
listing of a majority of the residential unit as early as this
It plans initially to sell shares in just over half of Buwog
for between 700 million euros ($915.7 million) and 750 million.
Buwog said this month it was selling 781 apartments in the
Austrian province of Carinthia as it shifts more of its focus to
Germany. "Sales in the other Austrian provinces are expected
over the coming quarters," it said on Monday.
($1 = 0.7644 euros)
(Reporting by Michael Shields; Editing by David Holmes)