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Immofinanz AG subsidiary acquires 18,000 apartments in Germany via spin-off planned

Wednesday, 12 Feb 2014 04:02pm EST 

Immofinanz AG:Says that its wholly owned subsidiary, BUWOG, has acquired 18,000 units and 1.09 million square meters (sqm) of lettable space in Northern Germany.Says the agreed purchase price for the portfolio amounts to roughly 892 million euro (819 euro/sqm).Says the transaction will be executed through several share deals and is subject to customary closing conditions. The closing is expected to take place in the second quarter of 2014.Says the Executive Board and Supervisory Board of Immofinanz AG have therefore approved a proposal that will be made to shareholders at an extraordinary general meeting, which calls for the spin-off of the wholly owned subsidiary BUWOG and the subsequent listing of BUWOG on the stock exchange.Says in connection with the spin-off, Immofinanz AG shareholders will receive one BUWOG share for every 20 Immofinanz AG shares, such that 51 percent of BUWOG will be owned by free float investors. 

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