Listed Austrian property firm Immofinanz has sold its remaining disposable shares in residential spin-off Buwog to Amsterdam-based Sapinda Group.
Immofinanz will use the proceeds of the sale to finance the purchase of a 26% stake in Austrian office specialist CA Immo, the company said.
The 18.5 million shares in Buwog were traded for €352 mln or €19.00 per share, a premium of 3.5% on Wednesday's closing price of €18.36.
Immofinanz has been gradually divesting its shares in Buwog as part of a strategic withdrawal from the residential and logistics markets, in order to reposition itself as an office and retail player. Immofinanz sold its 1 million m2 logsitics portfolio to Blackstone's European logistics business, Logicor, for €536 mln in February this year.
Immofinanz's fortunes have been hit by the downturn in Russia and increased competition in the CEE office market. CFO Birgit Noggler resigned in February shortly after the company unveiled €400 mln in writedowns on its Russian portfolio. A successor has yet to be announced.
Immofinanz will retain a holding of around 10% in Buwog, or 10 million shares, which will proportionally service its convertible bonds.
'This step completes the sale of our freely disposable Buwog shares, in line with our previously announced plans,' said Immofinanz CEO Oliver Schumy.
