* GBW bid could have endangered Buwog IPO
* Immofinanz continues to seek German acquisitions
* GBW sale seen as biggest German property deal of 2013
(Adds details on reason, background)
VIENNA, Feb 13 Austria's Immofinanz
withdrew from the tender for the real-estate unit of German bank
BayernLB, saying it could get in the way of its plans
to list its residential unit.
"Under the given constellation, it is not possible for us to
form a listed German-Austrian residential real estate
corporation within an acceptable timeframe," Chief Executive
Eduard Zehetner said in a statement on Wednesday.
Immofinanz said it would continue to pursue its strategy of
strengthening its German residential portfolio through
acquisitions and its own development projects.
The Austrian property group has said it is likely to list
its Buwog residential property unit in 2014, after beefing up
its Austrian portfolio with German assets, and plans to pay a
special dividend when it does so.
Apart from Austria and Germany, Immofinanz has property in
eastern Europe, where more than half its assets are, and Russia.
The sale of BayernLB's GBW, which is expected to fetch 2
billion to 2.5 billion euros ($2.7-3.4 billion), will likely be
Germany's biggest property deal this year.
($1 = 0.7442 euros)
(Reporting by Georgina Prodhan; Editing by Michael Shields)