KWG Kommunale Wohnen AG has bought the Hainichener Wohnungsgesellschaft mbH (HWG) with its portfolio of 1,083 apartments. The sale of the shares in the company was agreed by the local council on 16th July 2008. The town of Hainichen lies between Chemnitz and Dresden, in a convenient location by the A4 motorway, in the prosperous federal state of Saxony. HWG is being sold to KWG by its owners, the municipality of Hainichen and the local authority in Striegistal. KWG is taking over 100% of HWG. The parties to the transaction have agreed not to disclose the purchase price paid.
Dieter Greysinger, mayor of Hainichen, explains: "We are happy to have found a buyer in KWG Kommunale Wohnen AG who will respect the tenants' rights and is interested in making long-term investments in the company". Stavros Efremidis, Chairman of the Board at KWG, comments: "With HWG we will be able to further expand our portfolio of apartments in a region with convincing economic potential. We intend to keep the apartments in our ownership in the long term, and will not be reselling them".
With this transaction, KWG Kommunale Wohnen AG now owns a total of some 15,000 apartments, either directly or through holdings in other companies. Thus KWG has long since surpassed its goal of building up a portfolio of 8,000 apartments by the end of 2008.
Dieter Greysinger, mayor of Hainichen, explains: "We are happy to have found a buyer in KWG Kommunale Wohnen AG who will respect the tenants' rights and is interested in making long-term investments in the company". Stavros Efremidis, Chairman of the Board at KWG, comments: "With HWG we will be able to further expand our portfolio of apartments in a region with convincing economic potential. We intend to keep the apartments in our ownership in the long term, and will not be reselling them".
With this transaction, KWG Kommunale Wohnen AG now owns a total of some 15,000 apartments, either directly or through holdings in other companies. Thus KWG has long since surpassed its goal of building up a portfolio of 8,000 apartments by the end of 2008.
