VIENNA Aug 5 Austrian property group Immofinanz
said it expected to acquire enough German real estate
by the end of 2013 to be ready for a listing of its Buwog
"I assume we'll be done with the process at the end of the
calendar year," Chief Executive Eduard Zehetner told journalists
on Monday after the company reported full-year results late on
Immofinanz has postponed the planned spin-off or initial
public offering of Buwog until 2014, and Zehetner reiterated
that current market conditions were not favourable for an IPO.
He said the company now had 4,000 to 5,000 residential units
in Germany, and would need at least 15,000 to 20,000 before the
IPO or spin-off to existing shareholders.
(Reporting by Georgina Prodhan; Editing by Michael Shields)