Clifford Chance has advised IMMOFINANZ AG and BUWOG AG in connection with the spin-off of BUWOG AG from IMMOFINANZ AG and the listing of the shares of BUWOG AG on the Frankfurt Stock Exchange, the Vienna Stock Exchange and the Warsaw Stock Exchange.

The transaction involved the spin-off of 51 per cent of the shares of the BUWOG AG and the distribution of those shares to the shareholders of IMMOFINANZ AG. BUWOG AG is an Austrian-German residential real estate company with a regional focus on Berlin, Northwestern Germany, Vienna and Southern Austria. BUWOG AG's total portfolio amounts to EUR 3.5 billion. The primary listing location of the shares of BUWOG AG is Frankfurt and BUWOG AG aims to be included in the MDAX.

Clifford Chance has advised IMMOFINANZ AG and BUWOG AG in connection with the transaction in U.S. law, German law and acted as international counsel in connection with advice in other relevant jurisdictions worldwide outside of Austria and Poland.

The Clifford Chance team was led by partner Dr. George Hacket and included senior associate Dr. Axel Wittmann and associate Peter Vlasek (all Banking & Capital Markets), partner Dr. Wolfgang Richter (Corporate), partner Dr. Uwe Schimmelschmidt, counsel Olaf Mertgen and counsel Dr. Marie-Theres Rämer (all Tax) as well as partner Cornelia Thaler and senior associate Dennis Blechinger (both Real Estate) – all Frankfurt.