Immofinanz sells Buwog's shares worth more than €350 mln

Real estate developer Immofinanz has sold 18.5 million shares in residential service provider Buwog for the amount of €352 million (PLN 1.52 billion), the company informed in a statement. After the transaction, Immofinanz will own 10 percent of shares. According to Dr. Oliver Schumy, Immofinanz's CEO, those money from the sale will be used for the acquisition of 26 bearer shares in CA Immobilien Anlagen AG, the total value of which stands at €604 million. Immofinanz Group is a real estate company listed on the leading ATX index of the Vienna Stock Exchange as well as on the Warsaw Stock Exchange.