Hungarian developer and investor Wing and asset management company Griffin Capital Partners (GCP) have successfully finished the acquisition of the German developer Bauwert AG.
Wing and GCP acquired 60% of the German developer known for their residential and commercial projects across Germany. The Hungarian firm has become a majority shareholder as GCP bought only 10% of the shares. 40% of the shares remain in the hands of the original owners.
Earlier in 2019 Wing acquired the Polish developer Echo Investment listed on the Warsaw Stock Exchange. Now with the latest transaction Wing has strengthened its European position and secured its outlook for growth in the European market.
"To reach the strategic goals we have been working very hard to become a leading company on the international scene. Having closed this German transaction we are on the right track to play that role", said Noah Steinberg, Chairman and CEO of Wing.
Bauwert AG was founded in 1983 and since then has successfully completed more than 330 real estate developments on more than 2 million sqm. More than 70% of its residential and commercial buildings are in Berlin, and the company's development volume to date exceeds €4.5 billion.
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