Immofinanz to invest EUR 1.5 bn in German resi

Vienna-listed property group Immofinanz is on a mission to invest around EUR 1.5 bn in Germany´s residential market within the next 12 months, Eduard Zehetner, CEO of Immofinanz Group, said on Monday at Expo Real in Munich.

´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. Subsequently, the Austrian property group aims to invest around EUR 1.5 bn in Germany´s residential sector over the next 12 months, primarily targeting Germany´s ´Big 6´ cities, which includes Munich and Frankfurt.

Immofinanz is also potentially interested in acquiring Germany multifamily stock, 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.