Munich, March 25, 2020 – The Munich-based project developer ISARIA Wohnbau AG has reached an agreement with Deutsche Wohnen SE on the sale of key real estate projects and the associated platform. The deal is set to be completed in the course of the year and is subject to the usual closing conditions, including the approval of the ISARIA Wohnbau AG Annual General Meeting.
Peter Finkbeiner, CEO of ISARIA Wohnbau AG, described the successful deal as “a testament to the quality of our project pipeline,” going on to explain that, “the two parties complement each other extremely well and can both benefit from each other’s strengths.” ISARIA’s majority shareholder – a company affiliated with the US company Lone Star Funds – took over the company in 2016 as part of a delisting procedure. In 2019, it initiated a process to sell its shares.
ISARIA Wohnbau AG is one of the leading project developers for residential construction in Munich. The range of projects it has completed includes multi-story apartment blocks, district developments and the regeneration of buildings previously used for commercial purposes. ISARIA Wohnbau AG, with its 90-some employees, can now offer residential properties to meet the requirements of a wide range of target groups. The company has 20 years of experience along the entire project development value chain, including proven skills in obtaining construction rights. Based on its strong market position in the Munich urban area, ISARIA Wohnbau AG has successively expanded its activities in recent years to new regions with projects in the greater Munich area as well as in Hamburg, Stuttgart and Frankfurt am Main.
Information about the company: www.isaria.ag