Vienna-listed property developer Conwert Immobilien Invest is to sell about 15% of its real estate assets in the coming years to benefit from strong investor demand in some of its core markets. The Austrian company said it will raise its annual real estate disposals from 10% over the last years to 15% in the future, Conwert owns a property portfolio valued at EUR 2 bn across Austria, Germany and Central Europe. The company recently entered Slovakia, where it focuses on the refurbishment of assets.
Vienna-listed property developer Conwert Immobilien Invest is to sell about 15% of its real estate assets in the coming years to benefit from strong investor demand in some of its core markets. The Austrian company said it will raise its annual real estate disposals from 10% over the last years to 15% in the future, Conwert owns a property portfolio valued at EUR 2 bn across Austria, Germany and Central Europe. The company recently entered Slovakia, where it focuses on the refurbishment of assets.
'Conwert plans to utilise the high level of demand and rising prices on individual submarkets to optimise earnings by accelerating its profitable sales activities,' the company said in a statement. It will use proceeds to fund new acquisitions, it added. The group is planning to spend up to EUR 400 mln on real estate acquisitions in the second half of 2007. Conwert's net profit almost tripled to EUR 67 mln in the first half of the year. Its net asset value (NAV) came to EUR 15.33 per share.
