August 7, 2013 / 9:23 AM / in 4 years

Immofinanz sells most of Upper Austrian portfolio

VIENNA, Aug 7 (Reuters) - Austrian property group Immofinanz has sold the majority of its residential portfolio in the province of Upper Austria, it said on Wednesday.

Immofinanz, which is selling Austrian assets and buying German property in preparation for a listing of its Buwog unit, declined to give a price for the sale of the properties to Linz-based building company WAG but said it was above book value.

Managing Director Alexander Hoff said the step would help Immofinanz strengthen its positions in Vienna and northern Germany including Berlin, the core markets for Buwog.

“We are therefore continuing to systematically implement our IPO-related strategy and will invest the funds we generate from these sales in these two core markets,” he said in a statement. (Reporting by Georgina Prodhan; editing by Jane Baird)

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