Austrian property group Immofinanz has announced the early resignation of Chief Financial Officer Birgit Noggler two weeks after the company unveiled €400 mln in writedowns on its Russian portfolio.

Noggler, who has served as CFO since 1 October 2011, is resigning from the Executive Board with immediate effect by mutual agreement.

Immofinanz's supervisory board said it will 'take the necessary decisions for succession planning on a timely basis'.

'I have had the privilege to accompany the company through a number of challenging periods and the realisation of many successful projects like the Buwog spin-off since I joined Immofinanz in autumn 2007,' said Birgit Noggler.

Immofinanz said in early February that it is expecting some €400 mln of write-downs on its Russian portfolio after having commissioned a new valuation in view of the recent significant deterioration in economic conditions in the country.

CBRE, the newly appointed appraiser for the CEE portfolio, was mandated to carry out a special appraisal of Immofinanz's Russian properties as of 31 January 2016.

The carrying amount of these five properties totalled €1.57 bn as of 31 October 2015.