PIE Events
- German Property Breakfast
14 February 2012
Stockholm
- Distressed Property Breakfast
22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
Cologne's listed Colonia on cost-cut target, has no need for equity - CEO Rind
Cologne's listed Colonia Real estate is on target for cost reduction after re-focusing on its 28,000-unit residential portfolio, and has no need to raise equity, particularly at the current discount on its stock price, CEO Stephan Rind told PFE in an interview. Rind said CRE's 2008 general administrative costs should fall to around e22.5m when results are finalised - from e31m in 2007. "The trend is pretty positive; we already saved e9.5m in costs for 2009 and ongoing since the majority of it is recurring cost savings, including personnel where we have cut about 25% of staff so far," he said. "We still see a chance to even get it down to e10m for 2009." CRE plans to report full year on 31 March.