FINANCE: Patrizia Immobilien posted a rise in operating earnings before taxes to €26.3m in the first nine months of the year, 41% up from the figure for the same period in 2013.
The firm also boosted its portfolio value to €13.5bn (£10.6bn) as of 30 September 2014 – an increase of nearly €3bn on the start of 2014.
The Germany-based investor is accelerating its programme of European expansion, under which it plans to increase its holdings by €2bn by the end of 2014. Recent purchases include a 5,500-strong European residential portfolio for 578m and three UK business parks.
It now manages assets outside Germany worth around €4bn.
Chief executive Wolfgang Eger said: “We have also expanded our foundation for further growth in Germany. From 2015, the company will also offer real estate funds for private investors.”
Chief financial officer Arwed Fischer said: “Normally, half of our annual earnings is generated in the fourth quarter. Therefore, we can with good conscience reconfirm our forecast of achieving operating earnings of at least €50m in 2014. In addition, the notarisations already carried out for residential property resales give a good overview of the sales proceeds still outstanding.”
