Vienna-listed residential property firm Conwert Immobilien Invest unveilled plans this week to sell its commercial real estate portfolio which was acquired last year through the takeover of peer Eco Business-Immobilien.

'We will gradually part with our commercial properties. Moreover, we intend to consistently expand our long-term service business and to increasingly work with institutional investors in Germany and Austria,' said Volker Riebel, chairman of the Executive Board, in a statement to announce the 2010 financial results.

The company owns a commercial real estate portfolio consisting of 60 assets worth EUR 709 mln.

'In 2011, we will continue to concentrate on its core business - the development, letting and sale of older residential properties,' Riebel added. The company will concentrate on optimising internal structures and creating a uniform organisation by merging the units in Germany and Austria in a bid to boost synergies. The move is aimed at making the group's business more transparent and propping up the group's share price.

Conwert posted a 76% increase on earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2010, amounting to EUR 185 mln. The company's portfolio is valued at EUR 3.3 bn following the takeover of Eco.