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Immofinanz to Sell Homes Valued at Up to $5.9 Billion in IPO

Dec. 13 (Bloomberg) -- Immofinanz AG plans to spin off homes valued at as much as 4.5 billion euros ($5.9 billion) in an initial public offering, according to Eduard Zehetner, chief executive officer of the Austrian real estate company. The shares rose to the highest in more than four years.

Immofinanz plans to purchase more German apartments before the IPO. The Vienna-based company said in September it may sell Buwog, an Austrian unit, and some German properties in a 2014 offering, without giving a value for the assets. Immofinanz owns about 2.4 billion euros worth of homes in Austria and 127 million euros of German assets.

“Our plan is to grow our German residential segment to a similar size as the Austrian segment, combine the two elements and then take the whole unit to the market,” Zehetner said in an interview by phone.

Other residential landlords are seeking to sell shares to the public to take advantage of demand from investors looking for safety amid Europe’s sovereign-debt crisis. Terra Firma Capital Partners Ltd., which owns German landlord Deutsche Annington Immobilien AG, and Goldman Sachs Group Inc., which holds LEG NRW GmbH, are planning to sell shares in their German residential units to the public in 2013.

Immofinanz climbed 2 percent to 3.36 euros at the close of trade in Vienna, the highest since September 2008. The shares have gained 55 percent in the past 12 months, raising the company’s market value to 3.79 billion euros.

Bavarian Homes

Immofinanz had about 1 billion euros of cash and credit lines for acquisitions as of July 31, according to its earnings report. The company is interested in the sale of Bayerische Landesbank’s 32,000 Bavarian homes, valued at about 2.4 billion euros, said Zehetner. He wouldn’t say whether Immofinanz had made an offer.

BayernLB, based in Munich, has to sell its 92 percent stake in its GBW real estate unit by the end of 2013 as a result of a ruling by European Union regulators concerning its receipt of state aid during the global financial crisis.

Zehetner said in September that the spinoff of its Buwog residential-property arm would sharpen Immofinanz’s focus on commercial properties. Immofinanz has about 10.4 billion euros of real estate and development projects in eastern Europe, Austria and Germany. Most of its assets are offices, stores and warehouses.

To contact the reporter on this story: Dalia Fahmy in Berlin at

To contact the editor responsible for this story: Andrew Blackman at

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