December 19, 2013 / 9:37 AM / 4 years ago

Immofinanz says talks to buy German homes advanced

VIENNA, Dec 19 (Reuters) - Austrian property group Immofinanz said on Thursday it was “far advanced” in talks to buy a large portfolio of German homes from Solaia but did not want to call the result.

“We are practically through,” Chief Executive Eduard Zehetner told a news conference. “There are a couple of issues could still go wrong, which is why I don’t want to name a concrete date.”

Immofinanz had hoped to sign the deal to buy the 18,000 housing units from Solaia, a joint venture of Italy’s Prelios and Deutsche Asset & Wealth Management, by the end of the year.

The acquisition is key to Immofinanz’s plans for a spin-off or initial public offering of its Buwog residential unit.

Zehetner said an IPO was “still possible. It’s the less likely variant but never say never. If the markets change significantly then that’s still a possible option.” (Reporting by Georgina Prodhan; Editing by Michael Shields)

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