April 8, 2013 / 8:11 AM / 4 years ago

Immofinanz sells Buwog Carinthia portfolio to OSW

VIENNA, April 8 (Reuters) - Austrian property group Immofinanz has sold a portfolio of 35 residential properties in the southern state of Carinthia to non-profit development company OSW, it said on Monday.

Immofinanz said the sale of the 781 apartments, which were part of its Buwog unit, was a step in the concentration of its Buwog portfolio on Berlin and Vienna in preparation for a separate listing of Buwog.

“The sale of portfolios in Austria is generating the liquid funds required for our expansion on the promising German residential market, for example in Berlin,” said Daniel Riedl, Immofinanz COO and chairman of the BUWOG supervisory board.

It did not disclose the sale price but said it exceeded the carrying amount.

Reporting by Georgina Prodhan; Editing by Michael Shields

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