Austria's CA Immo to slow pace of property sales this year

VIENNA Tue Jan 14, 2014 9:26am EST

Related Topics

VIENNA Jan 14 (Reuters) - Austrian real-estate group CA Immobilien plans to sell far less property this year after a clear-out of non-core and other assets last year, a spokeswoman said on Tuesday.

She said CA Immo's portfolio should shrink by about 200 million euros ($273 million) this year, mainly through small sales in eastern Europe, after a reduction of more than 1 billion euros last year. CA Immo currently owns around 4 billion euros of real estate.

CA Immo is increasingly focusing on office buildings and shedding other properties. It plans to invest 150-200 million euros in new developments this year, mainly in Germany.

The company aims to have roughly equal amounts of property in Germany and eastern Europe in two years' time. Currently, half of its assets by value are eastern Europe, a third in Germany and the rest in Austria.

CA Immo plans to use the money it made through last year's property sales to cut its debt and strengthen its equity ratio. ($1 = 0.7324 euros) (Reporting by Angelika Gruber; Writing by Georgina Prodhan; Editing by Erica Billingham)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.