Immofinanz is selling $744 million of convertibles bonds, Bloomberg reports. The company plans to use the net proceeds to fund a partial buyback of two outstanding securities due in 2014 and 2017.

The new notes, which are due to mature in March 2018, will be convertible into as many as 125 million shares. The company will also raise its investments in Eastern Europe to $676 million to $812 million a year, funded mainly through asset sales of around $677 million a year.

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