Immofinanz, the Austrian property group, said that they are looking into ownership of 900 homes located in North Germany. The company is aiming to fatten its German portfolio in anticipation of the coming residential property unit spin-off.
Based on the filing presented by Immofinanz with Germany's cartel office, the company said that they are aiming to acquire a majority stake in TGE Lueneburg/Syke. TGE Lueneburg/Syke is a subsidiary of the Tshuva real estate group from Israel. As of the moment, the company is not divulging any information regarding the details of the sale.
Immofinanz is making itself ready for a Frankfurt listing for its Buwog residential property unit. The company is set to gain a minimum of 10,000 housing units located in Germany as part of the terms of the deal. Immofinanz was due to open its doors for a public offering, but with the feeble market conditions, the proposed initial public offering might take off next year.
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