Immofinanz reports stable Q1 financial results
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Real estate firm Immofinanz recorded stable operating results in the first quarter of its 2016 financial year at EUR 45.3 million, according to a press release issued today. Immofinanz Hungary represents 8.8% of the company’s total portfolio.
Globally, rental income fell from EUR 82.2 mln to EUR 76.8 mln due to temporary rent reductions in Moscow and the planned sale of properties, the press statement said. Rental income in Hungary was stable and totaled EUR 6.5 mln, which accounts for 8.4% of the group’s total rental income, the press statement noted.
In Hungary Immofinanz has 32 properties (25 standing investments and seven pipeline projects) worth EUR 477 mln. The standing investment portfolio splits into 12 office buildings (12.6% of the total office portfolio) and 13 retail properties (7% of the total retail portfolio).
Globally, the results of asset management improved by 3.9% to EUR 54.5 mln, based on a decline in property expenses. Net profit for the reporting period amounted to EUR 21.9 mln.
“Our focus for the operating business in the first quarter included further quality and efficiency improvements, the strengthening of ties with current tenants and the acquisition of new tenants as well as the optimization of our offering,” commented Oliver Schumy, CEO of Immofinanz. “In the retail sector, we have opened three further STOP SHOPs in Poland and Serbia since the beginning of May. These retail parks have roughly 13,500 sqm of rental space in total and are fully occupied,” he added.
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