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Conwert eyes more German acquisitions next year - paper
July 21, 2014 / 7:30 AM / 3 years ago

Conwert eyes more German acquisitions next year - paper

VIENNA, July 21 (Reuters) - Austrian property group Conwert plans to start buying real estate in Germany again next year, its CEO was quoted as saying in an interview, as it pushes towards its goal of a strongly German-weighted portfolio.

“Yes, from next year acquisitions in Germany will be a topic again, once we have fully digested the acquisitions of 2013,” Chief Executive Clemens Schneider told Austrian newspaper WirtschaftsBlatt in an interview published on Monday.

Conwert, which is trying to shed eastern European assets to concentrate on more stable income from western Europe, is aiming for 80 percent of its portfolio by area to be in Germany and 20 percent in Austria by the end of next year.

It bought 60 percent of German residential property group Kommunale Wohnen at the end of 2012, and another large German residential portfolio in August 2013, from General Electric.

Conwert currently has 74 percent of its assets in Germany by area, and 63 percent by asset value in a total portfolio worth 2.86 billion euros ($3.87 billion).

Schneider added that Conwert, which scrapped its dividend in 2012 and reinstated it at 10 cents per share for 2013 - half what had been expected - was considering share buybacks but not planning one in the immediate future.

$1 = 0.7390 Euros Reporting by Georgina Prodhan; Editing by Mark Potter

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