Vienna-listed Immofinanz has sold a German portfolio of 28 properties to Bauen und Wohnen (Buwog) for EUR 100 mln. This is the first major acquisition by Bauen und Wohnen, an Austrian firm, in the German property market.
Vienna-listed Immofinanz has sold a German portfolio of 28 properties to Bauen und Wohnen (Buwog) for EUR 100 mln. This is the first major acquisition by Bauen und Wohnen, an Austrian firm, in the German property market.
The portfolio consists of 2,253 apartments as well as a minority of industrial facilities located in the Tempelhof and Spandau districts in Berlin. Some 145,000 m2 of the total of 150,000 m2 is residential space.
Buwog said that it will spend a 'significant amount' of money on renovating the assets in the coming years.
'We are already working on several other [German] acquisitions and plan to expand our portfolio in Berlin in the future', said Buwog's CEO Daniel Riedl. 'Just as in Austria, we will focus on large properties rather than smaller assets in Germany.'
