IMMOFINANZ AG sold approximately 4.5 million of ordinary shares in BUWOG AG in a private placement for roughly €97.4 million.

The shares sold were approximately 4.5% of BUWOG's issued share capital. Proceeds from the sale will be used for debt reduction and general corporate purposes, according to a release.

When the sale is finalized Feb. 6, IMMOFINANZ will have further reduced its shareholding in its residential property subsidiary at approximately 4.7 million ordinary shares. These shares were the underlying assets for the company's convertible bonds 2017 and 2018.