Austrian listed property group Immofinanz plans to participate in the bidding process for the 33,000-property strong GBW residential portfolio, according to news agency Reuters. CEO Eduard Zehetner said the company still has to decide whether to make an offer alone or with a co-investor.
Austrian listed property group Immofinanz plans to participate in the bidding process for the 33,000-property strong GBW residential portfolio, according to news agency Reuters. CEO Eduard Zehetner said the company still has to decide whether to make an offer alone or with a co-investor.
BayernLB, Germany's second-biggest state-owned lender, is forced to divest the apartments located in Southern Germany as part of a requirement by the EU Commission to sell down assets as a condition for receiving government aid.
Earlier this month, Zehetner told PropertyEU that the Vienna-listed property group is on a mission to invest around EUR 1.5 bn in Germany's residential market within the next 12 months.
'We are undergoing a re-orientation. German resi is sexy. It's sexy because everyone is betting against the euro. Investors like it, they think it's attractive. Now, it has become one of our most important asset classes,' Zehetner said.
The company is also taking the development route, with eight residential schemes already under development in Berlin. In addition, the group is mulling a potential split of its German residential and commercial arms, which could take the form of either an IPO or an SPO, Zehetner added.
