Vienna-listed property company Conwert Immobilien Invest said on Thursday that it met its target of EUR 200 mln in assets sales in 2008. The volume of sales exceeded EUR 90 mln in the fourth quarter of the year despite the acceleration of the economic downturn and the worsening in the real estate markets. Conwert said settlement procedures are also in progress for roughly EUR 10 mln of transactions.
Vienna-listed property company Conwert Immobilien Invest said on Thursday that it met its target of EUR 200 mln in assets sales in 2008. The volume of sales exceeded EUR 90 mln in the fourth quarter of the year despite the acceleration of the economic downturn and the worsening in the real estate markets. Conwert said settlement procedures are also in progress for roughly EUR 10 mln of transactions.
The Central European residential property company said it managed to maintain a double-digit profit margin on the latest IFRS book values in the transactions during the fourth quarter. For 2008 as a whole Conwert recorded a double-digit IFRS profit margin and a cash profit margin of over 25% based on the acquisition price of the assets..
Separately, Conwert announced that Friedrich Scheck has resigned as an executive director of the firm to concentrate on his role at ECO Business-Immobilien, where he is managing director.
Conwert holds a 24.9% stake in Vienna-listed ECO Business-Immobilien, a property company that invests predominantly in high-quality office and retail real estate.
