The occupancy rate of the buildings in the Romanian portfolio of Immofinanz remained stable in the first nine months of 2017, at the level of 95.5.
Immofinanz properties in Romania represent 20.1% of the total portfolio of the company and include 74 properties with a value of 840.2 million euros. The portfolio of finalized investments of EUR 625.7 million includes 10 office buildings (14.3% of the total office portfolio) and six retail properties (23.4% of the total retail portfolio).
"We have made progress in our operational business over the past three quarters and have significantly improved our accounting balance. Our real estate portfolio now has a value of 4.3 billion euros and another 660 million euros can be attributed to our ownership in CA Immo. In addition, our liquidity rose to around 580 million euros at the end of November. We have consistently removed risks from our portfolio: in this respect, selling our retail portfolio in Moscow is a milestone for the future development of Immofinanz", says Oliver Schumy, CEO of Immofinanz.
At group level, Immofinanz, which owns over 250 office and retail properties (excluding Russia), recorded rental income of 174.1 million euros in the first nine months of 2017, similar to those in the same period last year when the level was 174 million euros. The office segment generated revenue of 85.4 million euros, up 2.4% over the same period last year, while the remainder came from the retail sector, where rental income amounted to 75.2 million euro, similar to the T1-T3 2016. These results do not include Immofinanz's Russian portfolio.
At the level of net operating profits, Immofinaz recorded a significant increase in the analyzed period, reaching 116.3 million euros. In the similar period of 2016, Immofinanz recorded a loss of 217.8 million euros. Net profit remained stable as part of the non-strategic portfolio of the group was sold (the amount of these sales amounted to 174 million euros in the first three quarters of 2016). (source: wall-street.ro)
