VIENNA, March 14 (Reuters) - Austrian property group Immofinanz will resume dividend payments next year following the spin-off of its western European residential unit Buwog, it said on Friday.
Immofinanz aims to spin off an initial 51 percent of Buwog by the end of April, the end of its financial year, in place of paying a dividend for 2013/14.
"The good news: Immofinanz will resume dividend payments after this one year," Daniel Riedl, chief operating officer of Immofinanz and chief executive of Buwog, told shareholders at a special meeting called to approve the spin-off.
In comments posted on the company's blog, he also said Buwog also wanted to pay a first dividend for 2013/14, probably in October.
Reporting by Georgina Prodhan; Editing by Michael Shields