Oliver Schumy, Credit: Immofinanz

Immofinanz increases net profit by roughly 50% to EUR 202.6 million in the first three quarters of 2019

The strong earnings development recorded by Immofinanz in the previous year continued during the first three quarters of 2019.

Rental income rose by 15.8% to EUR 203.4 million (including the reclassifications from the initial application of IFRS 16). After an adjustment for these reclassifications, the increase in rental income equalled 9.0%. The results of asset management increased 14.3% to EUR 153.8 million, the operating profit (EBIT) rose by 58.0% to EUR 237.1 million and sustainable FFO 1 (before tax) from the standing investment business improved by 47.4% to EUR 92.8 million. Net profit was 50.1% higher at EUR 202.6 million and represents basic earnings per share of EUR 1.9.

“These results demonstrate the continuation of the strong development which began in the previous year. A high occupancy rate of 95% and healthy rental return of 6.3% give our company a solid economic foundation“, indicated Oliver Schumy, CEO of Immofinanz. “Following the reorientation of our portfolio in recent years to improve its efficiency, Immofinanz has successfully returned to a growth course. Our latest acquisitions in the office and retail sectors combined with major completions have strengthened our sustainable earning power and grown our property portfolio to roughly EUR 5.1 billion“.

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Ticker MORE

Nine new brands have arrived in the Czech market this year to date, Primark being the most prominent of them

Nine new retail brands have come or will come to the Czech Republic within the first six months of this year.

GRAI treading water – pandemic (still) stops recovery in retail markets

Global Retail Attractiveness Index remains weak in Europe. Poland, Germany and Ireland are new top trio in index. UK the only market to see an increase.

Waitrose appoints new Retail Director

The John Lewis Partnership announced that Tina Mitchell will join Waitrose as Retail Director.

Anette Simpson Appointed as Chair of ULI United Kingdom

The Urban Land Institute (ULI) has announced the appointment of Anette Simpson, director of development and partnerships, Legal & General Affordable Homes, as chair of ULI United Kingdom (ULI UK). She succeeds Vanessa Hale, director of research, BNP Paribas Real Estate, and will officially begin her voluntary two-year term on 1 July 2021.

Sonae Sierra avoided costs of €15 million in 2020 by implementing eco-efficiency measures

The Company has reduced its CO2 emissions by 84% since 2005 and electricity consumption by 66% since 2002.

Yardi Acquires We Are Forge Ltd to Further Expand Visitor Management Integrated with Access Control Capabilities

Yardi® announced the acquisition of We Are Forge Ltd (Forge), a Bristol, UK based software company, that specialises in visitor management and smart access control for a wide range of real estate asset classes including, office, retail, industrial, flexible workspace and the education sector.