GSW meets 2012 targets, may tap markets to buy real estate-paper

FRANKFURT Sun Jan 6, 2013 9:34am EST

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FRANKFURT Jan 6 (Reuters) - German property company GSW Immobilien met its 2012 profit targets and may consider another capital increase if market conditions are favourable, its chief executive told newspaper Welt am Sonntag.

"We said we expect that funds from operations excluding sales result will reach approximately 61-64 million euros for financial year 2012, and reiterate this," Thomas Zinnoecker told the paper adding that in 2012 expectations had been fulfilled.

Zinnoecker said GSW had paid out 0.90 euros a share in dividends in 2011. For 2012, GSW plans to pay out at least 65 percent of proceeds from rental income, Zinnoecker said.

GSW currently has the financial means to buy 1,500 to 2,000 properties, and may consider additional capital measures if market conditions allow, he added.

In May last year, GSW raised 200 million euros to finance property purchases in Germany. (Reporting By Edward Taylor; Editing by Mike Nesbit)

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