CEO Bruno Ettenauer and CFO Wolfhard Fromwald told a newsconference that the issuance of a convertible bond last year raisednearly $366 million in fresh capital to bring total liquidity onbalance sheet to some $677 million. This compares with its $5billion portfolio, including its German Vivico unit acquired twoyears ago, and concentrated on Germany, Austria and central andeastern Europe.

"We are actively looking for opportunities in the market,concentrating on our day-to-day business where we find competencethat we can use and integrate," Ettenauer said. "This would befirms in the main, not individual projects."

Fromwald said CA stock, trading on the exchange at less thanhalf its net asset value of nearly $24.38 per share, has beenaffected by turbulence in Austrian listed real estate in general,which has left Vienna property firms with a poor reputation. Inaddition, CA's developments, worth about $1.3 billion, areinadequately rated by investors. Its stock was last trading at justmore than $9.48 per share. The group also said it will use itsproject pipeline to build assets.