Austrian property company Immofinanz announced that its BUWOG subsidiary is intending to buy almost 18,000 residential property units in Germany. The group said its goal is to increase its portfolio in Europe, according to a report published by Reuters on its website. 

Currently, Immofinanz owns 7.200 units in Germany and 27,200 in Austria. BUWOG's plan to take over the Baubecon portfolio in Germany is part of its goal to be listed on the Frankfurt Stock Exchange the following year. It wants to take hold of 15,000 to 20,000 housing units in the country by that time to lure possible investors. The said flats are located mostly in Berlin, Magdeburg, and Hanover, said the report.

In a statement, Immofinanz said the acquisition deal is expected to be completed by the end of this year. The property company did not reveal the details on how it would finance the said takeover, the Reuters report said.