Austrian listed property company CA Immo aims to sell EUR 300-350 mln of assets in 2012 and invest the bulk of the proceeds back into the business, the company said on Thursday.
Austrian listed property company CA Immo aims to sell EUR 300-350 mln of assets in 2012 and invest the bulk of the proceeds back into the business, the company said on Thursday.
Publishing its 2011 financial report, CA Immo said the sales would be split more or less equally between its holdings in Eastern Europe and Germany. About EUR 300 mln will be used to support its portfolio, especially the ongoing development projects.
The consolidation of the EUR 1.5 bn portfolio of CEE investor Europolis and EUR 325 mln of sales led to a significant increase in earnings last year, CA Immo said. Pre-tax earnings totalled EUR 107 mln in 2011, up from EUR 69 mln the year before. Consolidated net income after minority charges came to EUR 63 mln, about 38% above the value of the previous year. Measured against 2010, rental income increased by 61.5% to EUR 266 mln.
CA Immo has proposed paying dividend of EUR 0.38 per share based on a net asset value per share of EUR 19.17.
The book value of the company's property portfolios rose 44% from EUR 3.6 bn in 2010 to EUR 5.2 bn last year largely due to the acquisition of Europolis and its EUR 1.5 bn portfolio for EUR 277 mln in 2010.
