BUWOG, a wholly-owned subsidiary of the listed IMMOFINANZ Group, has sold a majority of its residential portfolio in Upper Austria. The portfolio includes 48 properties with 1,135 flats and lettable space totalling nearly 84,000 sqm. The buyer of the BUWOG portfolio is the Linz-based residential building company WAG, which has further reinforced its leading market position in Upper Austria with this acquisition. The transaction was made above carrying value. The two partners to the contract have agreed not to disclose any information on the purchase price.
The largest stakes are accounted for by Linz and its surroundings with 303 flats, Wels and Steyr with 253 flats as well as additional district capitals with 445 flats and other municipalities with 134 flats. In Upper Austria BUWOG still retains 18 properties and co-ownership stakes with 693 flats and 51,128 sqm of lettable space.
BUWOG is currently reviewing several portfolio acquisitions on the German market.
