Conwert achieves EUR 300m sales in 2009

Vienna-listed Conwert Immobilien Invest said it sold properties totalling more than EUR 350 mln in the 2009 financial year based on preliminary figures. The sales target was raised from an original EUR 200 to EUR 300 mln for the full year.

Conwert said the good sales business was essentially influenced by the strong demand for high-quality apartment buildings and freehold flats in Austria, where roughly 63% of the proceeds on the sale of properties were realised. Business also developed in Germany, where revenues exceeded the EUR 100 mln mark for the first time.

CEO Johann Kowar: 'In the financial year 2009, we were able to optimally use the strong demand for high-quality freehold flats and apartment buildings. We clearly exceeded our sales targets and realised cash earnings of roughly EUR 45 mln.'

Kowar expects the sales business to remain strong in the 2010 financial year. 'Demand for top properties continues unabated. Our sales pipeline is full, and we are confident to trade 10% of our property portfolio again in 2010. We will re-invest the profits from the sales. conwert will thus also be found on the buyer side this year.'