German property company Patrizia has increased the value of its managed real estate assets to €10.7bn in the first nine months or 2013.
The company’s AUM will be further increased through additional transactions completed in the third quarter of 2013.
Among these was its acquisition of the Deikon portfolio in the form of a co-investment. The portfolio includes 86 retail properties in Germany and was purchased for €178m.
Patrizia also acquired the Winnersh business park near London for €285m and an office portfolio in Hesse, Germany worth €800m.
The company’s residential division sold 1,200 apartments in the third quarter of 2013, a 24.9% increase from the 979 units sold in Q3 2012.
The company’s EBT was €20m in the first nine months of 2013, a rise of 22.5% from the €16.3m in the same period in 2012.
Operating earnings fell from €26.1m to €18.7m between the first three quarters of 2012 and the same period in 2013. The decline in operating earnings is due to the higher cost adjustments in line with AIFM throughout Europe and lower income as well as delayed completion of a development in Frankfurt.
Patrizia forecasts operating earnings of at least €47m which will be affected by purchase fees for the Deikon portfolio and the Hesse portfolio transactions. These close in November and December respectively.
