January 17, 2013 / 9:27 PM / 7 years ago

Conwert writes down future sales, CEE properties

VIENNA, Jan 17 (Reuters) - Austrian property group Conwert Immobilien is writing down up to 187 million euros ($250 million) in goodwill on future sales and property values, it said on Thursday.

Conwert expects lower sales transactions at it repositions itself as a portfolio manager following the acquisition of German residential property group Kommunale Wohnen, which it said it expected to complete in the next few days.

The company said it would write down 115 million euros in future sales goodwill, 2 million on customer and management relationships, and up to 70 million on properties in central and eastern Europe and Luxembourg, where markets were tough.

Excluding such one-offs, Conwert said it would still achieve its forecast for 2012 pretax profit of 50 million euros, according to preliminary results. ($1 = 0.7486 euros) (Reporting by Georgina Prodhan; Editing by Gary Hill)

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