VIENNA, March 27 (Reuters) - Troubled Austrian property firm Immoeast said on Friday it had sold Austrian car parks owner and operator Wipark Garagen, as part of its efforts to improve liquidity.
Immoeast said earlier this week a 2.4 billion euro ($3.26 billion) cutting down of its development projects, which it aims to reduce by another 1.1 billion euros, and a transfer of property assets by parent Immmofinanz had secured the group's once precarious liquidity situation.
"The sale makes a substantial contribution to the necessary stabilisation of liquidity in the Immofinanz group," said the company in a statement, declining to give further details of the sale. Immoeast said it had sold Wipark Garagen, which operates car parks places at 30 locations in Vienna, Graz and Budapest, to two companies belonging to the Austrian municipal utility firm Wiener Stadtwerke.
Shares in Immoeast, which lost 95 percent of their value last year as the financial crisis and corporate governance concerns weighed, were up 7.4 percent at 1.31 euros by 0848 GMT. ($1=.7368 Euro) (Reporting by Sarah Marsh; Editing by Jon Loades-Carter)