September 08, 2017

IMMOFINANZ achieves strong growth in the first half of 2017

IMMOFINANZ achieves strong growth in the first half of 2017

IMMOFINANZ, one of the leading commercial real estate groups in Central Eastern Europe, has achieved a net profit of 105.3 million EUR in the first half of 2017.

The Group’s net profit from continuing operations (excluding Russia) amounted to 113.1 million EUR.

Its rental income remained stable at 114.9 million EUR despite the continuing sale of non-strategic properties. After an adjustment for new acquisitions, completions and sales (like-for-like), the Group’s rental income rose by 4.6% to 92.4 million EUR.

The results of asset management increased by 10.0% to 79.1 million EUR, and financial results turned sharply positive at 104.4 million EUR. This improvement resulted, above all, from positive valuation effects related to the investments in CA Immo and BUWOG.

“We improved and strengthened IMMOFINANZ’s positioning over the past six months: our occupancy rate rose to a new high of 92.8% and we made substantial progress in increasing cost efficiency. Our credit profile improved significantly, and we also terminated the last historical legal disputes at the shareholders’ level“, stated Oliver Schumy, CEO of IMMOFINANZ.

The occupancy rate in the IMMOFINANZ portfolio (excluding Russia) rose by more than 3 percent to 92.8% as of the 30th of June 2017 (the 31st of December 2016: 89.6%). The occupancy rate in the office properties improved to 90.1% (the 31st of December 2016: 87.3%) and, at 96.2%, the retail properties are essentially fully rented (the 31st of December 2016: 93.0%). The occupancy rate in the Retail Moscow properties equaled 87.1% as of the 30th June 2017 (the 31st December 2016: 87.7%).

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