IMMOFINANZ economic result for 1Q 2021

by   CIJ Linguistics
2021-06-09   08:06

MMOFINANZ saw a significant improvement in earnings and net income in the first quarter of 2021, although this period remained strongly affected by the crisis caused by the Covid-19 pandemic. The group has a strong balance sheet with an equity ratio of 46.3% and available liquidity funds of EUR 1.0 billion. Since the beginning of the year, the EPRA NTA indicator has risen by 3.7% to EUR 28.9 per share.

IMMOFINANZ CEO Ronny Pecik said: "The first quarter continued to be strongly affected by the pandemic, but we were able to generate strong performance with significant improvements in earnings and net income. Almost all of our retail facilities are now fully open and we see promising visitor trends. And continues: "Thanks to the progress of Europe-wide vaccination campaigns, we are optimistic about developments for the rest of this year and continue to work on value-creating expansion for our crisis-resistant real estate brands - as we have recently demonstrated by acquiring an office building on top location in Bucharest and other acquisitions for our STOP SHOP shopping park format. ”

The occupancy of the Czech portfolio also remained at a high level of 95.9%.

1st quarter 2021 in the CZECH REPUBLIC (data as of March 31, 2021)

IMMOFINANZ's properties in the Czech Republic represent 11.2% of the company's total portfolio and include 20 properties with a book value of EUR 567.5 million. The Czech portfolio is divided into 7 office buildings (13.9% of the total portfolio of existing office buildings) and 13 retail properties (10.2% of the total portfolio of existing retail properties).

Source: ISBnews and IMMOFINANZ