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Buwog's Spin Off More Likely than IPO

People ♦ Published: December 19, 2013; 19:24 ♦ (Vindobona)

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Immofinanz plans on increasing the portfolio of its affiliate Buwog, which focuses on residential real estate, by acquiring a volume of 18,000 apartments in Northern Germany.

Buwog's Spin Off More Likely than IPO / Picture: © BUWOG - Bauen und Wohnen Gesellschaft mbH

Initially the deal was supposed to be closed still in 2013. CEO of Immofinanz, Eduard Zehetner, said on Thursday that Buwog’s becoming a dividend paying stock is “forseeable”.

Immofinanz plans on purchasing the so-called Baubecon portfolio, currently held by Solaia, a joint fund of Deutsche Bank’s Wealth Management, which holds 60 percent of the fund, and Italian real…