Immoeast, one of the largest listed property companies in Austria, is launching a new investment programme with a volume of EUR 6 bn for the year 2007-2008. 'We'll maintain our pace of growth and even increase it a little,' ceo Karl Petrikovics said. After completing the EUR 5 bn investment programme for this year ahead of schedule, Immoeast said it will continue to expand over the next years, reaching EUR 13 bn of assets. The new investments will be financed with the EUR 2.8 bn raised through a capital increase last May.
Immoeast, one of the largest listed property companies in Austria, is launching a new investment programme with a volume of EUR 6 bn for the year 2007-2008. 'We'll maintain our pace of growth and even increase it a little,' ceo Karl Petrikovics said. After completing the EUR 5 bn investment programme for this year ahead of schedule, Immoeast said it will continue to expand over the next years, reaching EUR 13 bn of assets. The new investments will be financed with the EUR 2.8 bn raised through a capital increase last May.
Immoeast will continue its spending spree in Southeastern Europe (SEE) and the states of Russia, while keeping its focus on retail investment opportunities, and increasing the development segment of new investments. The SEE region will account for a targeted 43% of the new investments, while Russia and Ukraine will each account for 25%.
Last year, the company's operating profit climbed 246% from EUR 156 mln to EUR 541.3 mln. Revenues increased 141% from EUR 80 mln to EUR 193 mln. Despite the higher number of shares due to the capital increase, earnings per share rose almost 35% to EUR 1.02. Net asset value per share increased by 21.6% from EUR 8.39 to EUR 10.20 year-on-year. 'The profit figures in particular were substantially higher than market expectations,' cfo Christian Thornton said.