Viennese Waltz: Immofinanz Prepares To Spin Off Residential Housing Business Buwog

Immofinanz(IMMZF) is a large, Vienna-based real estate company you probably haven’t heard of, though it operates on a massive scale.  CEO Eduard Zehetner reiterated in a recent interview that the company plans to spin off Buwog, its residential real estate unit, by 2014.

Zehetner said the company plans to acquire more German apartments and proceed with a separation of the residential and commercial business. The unit which might be valued as much as $5.9 Billion, would represent less than half of the company’s value.  Though the company is currently speaking IPO, in the past, Zehetner has suggested that spinning off the unit to shareholders might be a possibility.


Disclosure: The author holds no position in any stock mentioned, but does enjoy Vienna Fingers