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Immofinanz: „Difficult Office Market“
Due to the weak economic growth, the Austrian real estate company already sees difficulties in the Austrian rental market for offices.
Immofinanz: „Difficult Office Market“ / Picture: © Vindobona.org
For Immofinanz´ CEO Eduard Zehetner, the current weak point is the office market. “We can invest, if the economic framework provides the right conditions.” In the coming years, Immofinanz will focus on developments. Currently, it would be rather senseless to acquire real estate objects, Zehetner states. However, the retail market promises satisfying results.
For the current business year, Zehetner plans to raise dividends to € 0.15 per share. As a result, dividend payments will amount to € 150m. Immofinanz has an estimated fair value of € 1.2bn. According to Zehetner, the portfolio adjustments have not finished yet. This process will continue for three further years. Immofinanz aims to adjust its portfolio by € 250m per quarter.
For Zehetner, a further share buy-back is “not reasonable.” Moreover, the limit is already almost reached. Immofinanz currently possesses 9.8% of own shares. The limit is at 10%.