Conwert Immobilien Invest SE (CWI) announced plans to purchase German residential real estate, in a bid to focus more on buying and renovating apartment blocks, according to a statement.
The Vienna-based company may spend as much as 200 million euros ($260 million) on residential property in German cities this year, it said in a statement. Conwert said it plans to sell commercial properties as well as eastern European assets valued at 127 million euros within the next two years.
"The regrouping of our portfolio is going to continue," Chief Executive Officer Johannes Meran said at a news conference today. That means selling commercial real estate and reinvesting the proceeds in higher-yielding residential properties, mainly in Germany, he said.
The company predicts further restructuring charges this year, but they will "definitively be lower than 2012," Meran said. Conwert aims to improve funds from operations, which gauges a property company's ability to raise cash, to 25 million euros in 2013 from 20.7 million euros a year earlier.