Immofinanz to Double Sales
In three years, the Austrian property company aims to increase sales and re-investments to € 1.0bn from € 500m.
In the near future, Immofinanz wants to accelerate ist business remarkably. According to CEO Zehetner, Immofinanz may only earn money with the turnover of properties. At the moment, Immofinanz has assets worth € 10bn. The turnover rate should increase from 5% to 10%, Zehetner says. The average retention period should decrease to ten years. Regarding commercial properties, the retention period should range from five to seven years, Zehetner says.
In 2011/12, Immofinanz EBITDA was up by 4.3% to € 479m. This year, Zehetner expects to achieve an EBITDA of € 600m. Cost reductions should come at € 70m, earnings should rise by € 50m, Zehetner explains. Above all, Immofinanz will focus on the growth markets Russia and Poland. Germany and Austria will remain Immofinanz´ target markets.