VIENNA Jan 14 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)