Wing, the Budapest-based group, has completed the acquisition of a majority stake in Bauwert, the German development company, and is pushing forward with its international expansion plans.
“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”, said Noah Steinberg, Chairman & CEO, Wing. “The completion of this transaction is a major milestone in the implementation of our strategy that see us become a major property developer in Europe”.
Griffin Capital Partner acquired 10% of Bauwert and the two partners together now control 60% of the German company. The previous owners, who still have a 40% stake, will continue to operate the company and be responsible for ongoing developments and future projects.
Bauwert, which was established in 1983, has completed over 330 project totalling more than 2 million sqm. Over 70% of its residential and commercial projects are in Berlin and have a value of over €4.5 billion. The company also has a €2.5 billion development pipeline focused on prime Berlin locations and surrounding areas.
Wing said it is already a major player in the property development market in three countries – Hungary, Poland and Germany – and aims to be a leader in the property market in Central Europe.
The turning point for the Hungarian group was in 2019 when it acquired a majority stake in Echo Investments, a company listed on the Warsaw Stock Exchange, diversifying its portfolio and opening up growth prospects.