Wing completes Bauwert acquisition in expansion drive

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.

Noah Steinberg, Chairman & CEO, Wing

“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.