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German residential property firm Vonovia buys Austria's Buwog

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Published Mon, Dec 18, 2017 · 09:50 PM

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    Frankfurt

    VONOVIA, Germany's biggest residential property company, has agreed to buy Austrian counterpart Buwog in a cash deal valuing the latter at 5.2 billion euros (S$8.3 billion), the two companies said on Monday.

    The deal will increase the size of Vonovia's portfolio to almost 400,000 flats from around 350,000 now and increase sharply its capacity for building new housing.

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