Wing Acquires Majority Stake in German Company Bauwert

Wing, a major property development and investment group in Central Europe, and Griffin Capital Partners, a Polish investment and asset management company together acquired 60% of the shares in the German company, of which the latter holds 10%, which means Wing is now the majority owner of the leading German property company.

After the official completion of the transaction, 40% of the shares of Bauwert are still owned by the previous stakeholders, who will continue to operate the company and will be responsible for the 550,000+ square meter ongoing developments and the preparation of future projects.

With the conclusion of the transaction, Wing has become a majority owner of one of the best-known and most important property development companies in Germany. Since it was established in 1983, Bauwert has completed more than 330 projects constituting more than 2 million square meters. More than 70% of the residential and commercial projects are focused in Berlin, and the total value of developments to date exceeds EUR 4.5 billion. Currently, the company has a development pipeline of more than EUR 2.5 bln in prime Berlin locations and dynamically growing surrounding areas.

"In line with our strategic goals, we strive to strengthen our presence in the Hungarian market and we also focus on becoming a major operator in the international property market. Following our achievements in Poland through Echo, with this acquisition of a majority stake in Bauwert, we are now also present on the German market," says Noah Steinberg, chairman and CEO of WING.

"The completion of the transaction is a major milestone in the implementation of our strategy that will see us become a major property developer in Europe since our group is now one of the key operators of the property development market in three countries," he adds.