Immofinanz Hungary adds EUR 468.9 mln to group in Q1

MNB

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The Hungarian properties of real estate firm Immofinanz, representing 11.8% of the company’s total portfolio (excluding Russia), had a carrying amount of EUR 468.9 million in the first quarter of the year, according to a press statement sent to the Budapest Business Journal today.

The total portfolio of Immofinanz here comprises 30 properties, 23 standing investments and seven pipeline projects. The standing investment portfolio consists of 11 office buildings (13.0% of the total office portfolio) and 12 retail properties (14.0% of the total retail portfolio). 

The occupancy rate of the Hungarian portfolio stood at 91.4% by the end of March 31, up from 90.7% on December 31.

At the end of the first quarter of the 2017 financial year, rental income in Hungary totaled EUR 6.9 million, accounting for 12.1% of the group’s total rental income, Immofinanz added.

Globally the net profit of the group rose to EUR 80.7 mln, up from a EUR 240.7 mln loss in the first quarter of the preceding year. Net profit from continuing operations increased to EUR 101.7 mln. Group-wise, a sale-related decline of 1.9% was observed in rental income, like-for-like rental income grew by 3.7%, while rental income from Russia increased by 16.6%. At the end of the first quarter, the occupancy rate (excluding Russia) reached 91.9%. 

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