* Police raid real estate firms, Constantia Privatbank
* New management welcomes investigations, vows support
(Adds details, quote, share price)
VIENNA, Nov 25 (Reuters) - Austrian police raided troubled Austrian real estate groups Immofinanz and Immoeast on Tuesday in an investigation into suspicions of fraud and breach of trust, the companies said.
They also raided Constantia Privatbank, which set up both companies and is linked to them through a web of contracts, investments and affiliated companies, Constantia said in a separate statement.
Immofinanz and its 51 percent subsidiary Immoeast, one of emerging Europe's biggest real estate firms, have seen their share prices fall by more than 90 percent this year as real estate assets in eastern Europe were written down.
They are in a race against the clock to raise cash before the end of the year after a 520 million euro ($669 million) payment to an affiliated company went missing.
Immofinanz Chief Executive Thomas Kleibl, who was appointed last month after his predecessor stepped down, said in the statement that he welcomed the authorities' investigations.
"We guarantee our full support for the investigations," Kleibl said. "This is the only way the open questions about the companies' past can be cleared up."
Constantia, which was last month bailed out and taken over by Austria's biggest banks, also said it would cooperate with the authorities and had already handed over files last week at the request of prosecutors.
Immofinanz and Immoeast shares pared gains on news of the raids. Immofinanz traded up 1.5 percent at 0.70 euros while Immoeast traded little changed at 0.42 euros. (Reporting by Boris Groendahl; Editing by David Holmes)