Patrizia Immobilien has more than doubled its operating income in the first half of the year, and upped its guidance for its full year results.
The German fund manager has expanded rapidly in the past 12 months, growing its assets under management (AUM) with the acquisitions of TRIUVA and Rockspring. It has €39.6bn of AUM, up 81% from €21.9bn in 2017.
It increased H1 operating income by 106.6% on the year before, to €72.5m.
Karim Bohn, chief financial officer at Patrizia, said: “Both organic and inorganic growth contributed to the strong set of results. At the same time, the integration of our recently acquired companies is well advanced and we will see first positive efficiency effects already during the second half of 2018.
“The acceleration of the efficiency effects, and the respective improvement of our cost base, results in an increase of the guidance for our full-year operating income to €100m-110m, up from an earlier guidance of €85m-100m.”
Service fee income from January to June 2018 increased by 54% to €135.8m, compared with €88.1m in the first six months of 2017, while asset management fees and performance fees also increased.
However, transaction fees declined slightly to €17.5m from €18.7m in H1 2017.
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