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De Te Immobilien records profits of Ft 312 mln in first year of operation

De Te Immobilien-Hungary, which manages real estate and infrastructure, had after-tax profit of Ft 312 million on revenue of Ft 5.2 billion in 2005, its first year in operation, CEO László Vágó announced on Wednesday. The company had operating profit of Ft 346 million.

De Te Immobilien-Hungary, owned by Deutsche Telekom (DeTe) Immobilien und Service (51%) and Hungarian property company Wallis (49%), took over the clients of Trammell Crow Wallis (TCW) from February 2005. De Te Immobilien-Hungary employs 420 and manages almost 3,500 buildings with a combined area of 1.6 million square meters. Its biggest client is Magyar Telekom Nyrt, majority-owned by Deutsche Telekom, for which it manages 700,000 square meters of building space and 400,000 square meters of other property, such as parks and roads. Other big clients include Hungarian oil and gas company Mol Rt, TVK Rt and Wallis. The company has also just won a tender to manage 100,000 square meters of property owned by the Orco Property group.