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Austria's Warimpex sees steady 2009, seeks distressed projects - CEO
Vienna-based Warimpex, a listed hotel and office developer in central and eastern Europe, Paris and Berlin, aims to continue developments despite the financial crisis and keep an eye open for distressed uncompleted projects where it can add expertise, CEO and founder Franz Jurkowitsch told PIE at MIPIM. Projects already begun are secured and financed, and the group does not need new equity for expansion. "To keep the portfolio alive there is no necessity for further equity," Jurkowitsch said. "To make bigger acquisitions, let's say for distressed or something very interesting, we would be happy to enlarge our capital base but for the time being it's not very realistic; we have to wait until there is a market for that."