VIENNA, March 14 (Reuters) - Austrian property group CA Immobilien Anlagen proposed its first dividend, of 38 cents per share, after boosting 2011 net profit nearly 40 percent.
It said on Wednesday its dividend corresponded to its target of around 2 percent of net asset value, which stood at 19.17 euros ($24.97) per share as of the end of the year.
“It is planned to structure the distribution as a repayment of capital in accordance with Austrian tax law, making it tax-free for natural persons with domicile in Austria who hold shares of CA Immo in their private accounts,” it said.
The company did not expect conditions to change much in 2012 for either the rental market or the transaction market.
“Against this background, we anticipate a modest rise of around 2 percent in rental income. Additional rental revenue from project completions in particular should more than compensate for losses of rents due to sales,” it said.
It aimed for asset sales worth 300 million to 350 million euros, split more or less equally between eastern Europe and Germany. It would use funds from sales mainly to reduce debt. ($1 = 0.7677 euros) (Reporting by Michael Shields; Editing by David Holmes)