Austrian property group CA Immo’s profit drops as Germany slows

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The prolonged euro zone crisis meant that German transaction
volumes and the office rental market were subdued, said CA
Immobilien, whose other main markets are eastern Europe and
Austria.

«Germany is maintaining its status as a stable investment
market,» the company said. «Despite this, however, the
third-quarter transaction volume for commercial real estate on
the German investment market was down 10 percent. «

The Austrian market picked up, with real estate prices
rising, especially in Vienna, but eastern Europe suffered a
downturn because of limited property supply in Poland and the
Czech Republic and weak economies and political instability
elsewhere.

Consolidated net income was 12.6 million euros ($16.1
million in the June-September quarter, as sales of trading
properties fell 84 percent and sales of long-term properties
fell 86 percent.

Rental income rose 9 percent to 71.4 million euros.

CA Immo said raising its profitability and equity ratio
would remain its top priority, with the focus on its existing
core regions and office property.
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