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DGAP-News: IMMOFINANZ subsidiary BUWOG acquires 582 flats in Kiel

ID: 1274629
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(businesspress24) - DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate
IMMOFINANZ subsidiary BUWOG acquires 582 flats in Kiel

22.10.2013 / 10:43

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* Good location in district of Pries/Friedrichsort
* Purchase price of EUR 24.5 million
* Kiel's dynamic growth perspectives provide favourable outlook for real
estate market

BUWOG, a wholly owned subsidiary of IMMOFINANZ Group, has acquired a
portfolio totalling 582 flats in the Schleswig-Holstein capital of Kiel.
The package consists of nine properties and has lettable space totalling
28,210 sqm. The seller is the Dutch residential firm RVG Real Estate, the
purchase price is EUR 24.5 million, the gross return amounts to 7.7
percent, and the actual rent is EUR 5.74/sqm.

The portfolio is concentrated on Pries/Friedrichsort. This district has
developed quite well in the past and has become an attractive residential
location in close proximity to a beach. The properties acquired by BUWOG
stem from the fifties and are in good structural condition. The vacancy
rate is 4.29 percent and includes flats that will be available for letting
after renovation.

For Daniel Riedl, CEO of BUWOG and management board member of BUWOG's
parent company IMMOFINANZ Group, Kiel is a particularly attractive
investment location: 'The population forecast of the city is positive and,
according to Prognos-Zukunftsatlas, it is one of Germany's most
economically dynamic cities. Thus the demand for the flats we have acquired
in the average price segment appears to be guaranteed for the long term and
we can expect a low vacancy rate as well as steadily rising average rents'.

With the purchase of the portfolio in Kiel following the acquisition of
1,916 flats in Berlin, 1,190 flats in Kassel, and 900 flats in Lüneburg and
Syke BUWOG has already concluded its fourth major transaction in Germany


this calendar year. Currently, the residential portfolio in Germany totals
around 6,900 units, in addition to development projects with another 1,500
flats in Berlin. Commensurate with the longer-term investment strategy, all
of the purchases took place in the northern German states in which BUWOG
will also concentrate in the future.?On BUWOG Group
BUWOG Group (BUWOG and ESG-Villach) is the leading private residential
property company in Austria with a portfolio of 34,100 flats (approx.
27,200 in Austria, approx. 6,900 in Germany). With a construction volume of
around 700 flats in greater Vienna each year, BUWOG Group is one of the
most active residential property developers in Austria. Together with its
facility management subsidiary BUWOG FM, the group manages 2,300
residential, office, retail and hotel properties with 3.8 million sqm of
usable space, which also makes it the leading facility manager in Austria.
BUWOG Group's most important growth market is the German residential
property market, particularly Berlin and the northern federal states. In
2012 BUWOG also entered the Berlin residential development market with the
takeover of a renowned Berlin-based development company and has a project
pipeline of about 1,500 flats.
BUWOG is a wholly-owned subsidiary of the listed company IMMOFINANZ AG.


On IMMOFINANZ Group
IMMOFINANZ Group is one of the leading listed property companies in Europe.
The company is included in the leading ATX index of the Vienna Stock
Exchange and also trades on the Warsaw Stock Exchange. Since its founding
in 1990, the company has compiled a high-quality property portfolio that
now comprises more than 1,700 investment properties with a carrying amount
of approx. EUR 10.4 billion. As a 'real estate machine' the company
concentrates on linking its three core business areas: the development of
sustainable, specially designed prime properties in premium locations, the
professional management of these properties and cycle-optimised sales.
IMMOFINANZ Group concentrates its activities in the retail, office,
logistics and residential segments of eight regional core markets: Austria,
Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and Russia.
Further information under: http://www.immofinanz.com |
http://blog.immofinanz.com | http://properties.immofinanz.com


For additional information please contact:

BUWOG Press Office, c/o LUSTIG+BREY
Thomas Brey, Tel.: +43 1 / 233 01 23-15; Mobile: +43 676 / 542 39 09;
E-Mail: brey(at)lustigbrey.at


MEDIA INQUIRIES | IMMOFINANZ Group

Bettina Schragl
Head of Corporate Communications | Press Spokesperson
IMMOFINANZ Group
T +43 (0)1 88 090 2290
M +43 (0)699 1685 7290
communications(at)immofinanz.com


INVESTOR RELATIONS| IMMOFINANZ Group

Stefan Schönauer
Head of Corporate Finance&Investor Relations
IMMOFINANZ Group
T +43 (0)1 88 090 2312
M +43 (0)699 1685 7312
investor(at)immofinanz.com


End of Corporate News

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22.10.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: IMMOFINANZ AG
Wienerbergstraße 11
1100 Wien
Austria
Phone: +43 (0) 1 88090 - 2291
Fax: +43 (0) 1 88090 - 8291
E-mail: investor(at)immofinanz.com
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Freiverkehr in Berlin, München, Stuttgart; Frankfurt in
Open Market ; Wien (Amtlicher Handel / Official Market)


End of News DGAP News-Service
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235558 22.10.2013



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Date: 10/22/2013 - 10:43
Language: English
News-ID 1274629
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