TAG Immobilien says CFO to step down at end-March

FRANKFURT Thu Feb 27, 2014 1:33am EST

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FRANKFURT Feb 27 (Reuters) - The finance chief of TAG Immobilien, Georg Griesemann, will step down at the end of March, less than a year and a half after taking office, the German real estate group said as it published financial results on Thursday.

TAG named Martin Thiel, an auditor from Hamburg, to succeed Griesemann as chief financial officer from April 1, without providing a reason for the management change.

TAG also said it expected its funds from operations, which does not take into account cash inflows from property sales , to rise to 90 million euros ($123 million) this year from 68.1 million in 2013. It raised its dividend to shareholders for 2013 to 0.35 euros per share from 0.25 euros a year earlier. ($1 = 0.7317 euros) (Reporting by Maria Sheahan; Editing by Victoria Bryan)

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