Vienna-based property company CA Immo saw its losses widen to EUR 35 mln in the first quarter of 2009, from EUR 30 mln a year before, as a result of worsening conditions in the CEE and SEE markets. The company's portfolio lost EUR 52 mln in the first quarter of 2009, consisting of devaluations of EUR 59 mln in the CEE and SEE portfolio and a revaluation of EUR 8 mln in its German assets under development.
Vienna-based property company CA Immo saw its losses widen to EUR 35 mln in the first quarter of 2009, from EUR 30 mln a year before, as a result of worsening conditions in the CEE and SEE markets. The company's portfolio lost EUR 52 mln in the first quarter of 2009, consisting of devaluations of EUR 59 mln in the CEE and SEE portfolio and a revaluation of EUR 8 mln in its German assets under development.
To boost liquidity, CA Immo said it has agreed property sales in Germany and Austria with a total value of over EUR 150 mln since the beginning of the year. Of these, EUR 17 mln became effective in the first quarter.
The company also said it was granted a EUR 254 mln loan for the development of the Tower185 project in Frankfurt during the first quarter.
