BUWOG

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BUWOG Group

logo
legal form AG
ISIN AT00BUWOG001
founding 1950
resolution 2018
Reason for dissolution takeover
Seat Vienna , AustriaAustriaAustria 
management
Number of employees 753, of which 369 in Austria (as of 2016)
sales 491.3 million euros , excluding advance operating costs (as of 2015/2016)
Branch Housing industry
Website www.buwog.com

The BUWOG Group (BUWOG) was a listed Austrian housing company with a portfolio of around 51,000 apartments in Austria and Germany .

As a property developer, BUWOG was responsible for the construction of more than 35,000 apartments in Austria; in Germany she has been active in building new homes since 2012.

In 2018, BUWOG was taken over by Vonovia SE.

history

BUWOG was created in 1950/1951 by the Republic of Austria as a housing company for federal employees.

In 2000, the Federal Ministry of Finance made the decision to privatize the federal housing associations. After an attempt was first made to offer the apartments to the tenants for sale, the companies BUWOG, ESG Villach, WAG Wohnungsanlagen GmbH, Wohnen und Bauen GmbH (WBG) and EBS Wohnungsgesellschaft mbH Linz were up for sale in 2002 . Lehman Brothers was commissioned to handle the sale , among others by the former chairman of the supervisory board and real estate agent Ernst Karl Plech . The package of BUWOG, ESG Villach, WAG Wohnungsanlagen GmbH and EBS was finally sold for € 961 million (WBG: € 55 million) to an Austrian bidding consortium consisting of RLB OÖ , Wiener Städtische and Immofinanz. The consortium divided the companies: Since 2004, BUWOG and ESG Villach have been owned by Immofinanz. RLB OÖ and Wiener Städtische became owners of WAG and EBS, the WBG went to the BWS railway cooperative.

As a full-service provider, the BUWOG Group covered the business areas of asset management , property development and sales . In the 2009/2010 financial year, 2,253 apartments and 42 business premises in Berlin-Spandau and Berlin-Tempelhof were purchased from the portfolio of the parent company Immofinanz .

The property management company BUWOG Facility Management, founded in 2009, was sold to EHL Immobilien in April 2014.

In 2014 BUWOG employed 753 people in Germany and Austria. In June 2014, BUWOG took over a portfolio of around 18,000 apartments in north-west Germany, with a focus on Lübeck , Kiel , the Hamburg area and Braunschweig, for EUR 892 million , making it one of the leading housing providers on the German market.

At the end of April 2014, BUWOG was spun off from the Immofinanz Group as part of a spin- off and was listed on the stock exchanges in Frankfurt , Vienna and Warsaw . Two years later the company was promoted to the ATX five of the Vienna Stock Exchange . This makes BUWOG one of the five largest stock exchange companies in Austria.

In 2018, the German residential group Vonovia paid 5.2 billion euros for Buwog; The takeover was the second largest that Austria has ever seen.

On June 26, 2018, the company was replaced in the ATX by the construction company Porr .

BUWOG affair

The processes surrounding the sale of BUWOG and the expected revenue from it for the state budget were part of a 2007 audit by the audit office . It criticizes the "lack of preparation for the sale". Former FPÖ politician Walter Meischberger and lobbyist Peter Hochegger have come under fire because they would have benefited from inside information from their friend Karl-Heinz Grasser and were able to push CA Immo, which had previously had the best bid, out of the bidding race in favor of Immofinanz. Franz Fiedler , Chairman of the Advisory Board of Transparency International Austria , described the role of the former Finance Minister Grasser in the sale of BUWOG as “on the border of the legal”. The Vienna Public Prosecutor's Office has now initiated several criminal proceedings on suspicion of breach of trust and abuse of office.

Side scenes of the affair were or are a dispute about the non-profit status of the WBG with the Viennese magistrate or the state government, a lawsuit by the Chamber of Labor against contractual clauses in sales offers by BUWOG to the tenants. Cases pending in court relating to the relocation of the Upper Austrian Financial Directorate to the Linz Terminal Tower , which are often also included in the “BUWOG affair” because of a common number of files, are in fact not related to the BUWOG or the BUWOG affair.

On July 21, 2016, the public prosecutor's office for business and corruption announced that he would bring charges against Karl-Heinz Grasser , Walter Meischberger , Ernst Plech , Peter Hochegger and twelve other people in the BUWOG and Terminal Tower cases. According to the indictment, the total damage caused amounts to ten million euros, resulting in a sentence of up to ten years in prison.

engagement

BUWOG engaged numerous artists for art projects on its buildings, including Barbara Holub , Paul Rajakovics , Matt Mullican , Gerwald Rockenschaub , Karl-Heinz Ströhle , Martin Strauss , Brigitte Kowanz , Sabine Bitter and Helmut Weber.

BUWOG is intensively involved in sustainable housing construction and was a partner in the klima: aktiv pact 2020 initiated by the Ministry of Life .

Individual evidence

  1. ↑ a b Key figures according to BUWOG Annual Report 2015/2016, PDF (9.5 MB)
  2. ↑ BUWOG Annual Report 2015/16, page 3 [1]
  3. ^ "Housing associations: sales consultants wanted" in: Der Standard from January 17, 2002, accessed on February 3, 2010.
  4. ^ "Federal government starts selling Buwog & Co" in: Der Standard from June 7, 2002, accessed on February 3, 2010.
  5. ↑ "Was not in the Buwog Award Commission" in: The Standard of January 29, 2010, accessed on February 4, 2010.
  6. ↑ a b “This is how the BUWOG deal went” ( memento of April 19, 2012 in the Internet Archive ) in: WirtschaftsBlatt of October 6, 2009, accessed on February 3, 2010.
  7. ↑ BUWOG Annual Report 2013/2014, page 49
  8. ↑ Buwog sells property management subsidiary. In: derStandard.at. April 29, 2014, accessed December 6, 2017 .
  9. ↑ BUWOG Annual Report 2015/2016, page 193
  10. ↑ Buwog completes acquisition of DGAG portfolio. June 30, 2014, accessed June 13, 2019 .
  11. ↑ Buwog shares in positive territory on stock market debut. In: derStandard.at. April 28, 2014, accessed December 6, 2017 .
  12. ↑ Buwog is new to the ATX. In: derStandard.at. September 2, 2014, accessed December 6, 2017 .
  13. ↑ DO&CO new in ATX, replaces AT&S - BUWOG instead of Wienerberger in ATX five | 07.09.16. Retrieved June 13, 2019 .
  14. ↑ By Roman Vilgut | 05.43 a.m., March 31, 2018: Takeover by Vonovia: What the Buwog deal means for tenants. March 31, 2018, accessed June 13, 2019 .
  15. ↑ derStandard.at: Buwog disappears from the Vienna Stock Exchange . Article dated June 22, 2018, accessed June 22, 2018.
  16. ↑ Short report of the Court of Auditors of April 19, 2007, PDF (101 kB)
  17. ^ "BUWOG deal: The property sale was a gold mine for the friends of Grasser" in: Format of September 18, 2009, accessed on February 4, 2010.
  18. ^ "Fiedler: Grasser went to the limit of the legal" in: Der Standard from January 29, 2010, accessed on February 4, 2010.
  19. ↑ Press release of the AK Vienna on May 8, 2002 : "AK: Success also in the 2nd instance in the legal dispute against Buwog", accessed on February 4, 2010.
  20. ↑ "Newspaper: New Raids in Causa Terminal Tower Linz" orf.at of October 5, 2011, accessed on October 8, 2011.
  21. ^ Allegations of corruption: charges against Grasser, Meischberger and 14 other people in Causa Buwog and Linz Terminal Tower. derStandard.at, July 21, 2016, accessed on July 21, 2016 .
  22. ↑ BUWOG Annual Report 2015/2016, page 197
  23. ↑ BUWOG Group, klimaaktiv. Retrieved June 13, 2019 .

Web links

Commons : BUWOG  - collection of images, videos and audio files