13.03.2017
PATRIZIA Immobilien AG DE000PAT1AG3
DGAP-News: PATRIZIA Immobilien AG: PATRIZIA delivers growth in 2016 across its European real estate investment management business
DGAP-News: PATRIZIA Immobilien AG / Key word(s): Final Results/Forecast
PATRIZIA Immobilien AG: PATRIZIA delivers growth in 2016 across its European
real estate investment management business
13.03.2017 / 18:56
The issuer is solely responsible for the content of this announcement.
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Continued development into a global provider of European real estate
investments
PATRIZIA delivers growth in 2016 across its European real estate investment
management business
- Total operating income of EUR283 million exceeding forecast of EUR265
million
- Real Estate assets under management grew by EUR2.0 billion to EUR18.6
billion
- Key appointments to support continued expansion of business in
anticipation of a strong 2017
- Issuance of stock dividend planned in a ratio of 10:1
- Operating income guidance for 2017 increased to EUR 60 -75 million
Augsburg, 13 March 2017. PATRIZIA Immobilien AG is pleased to announce
strong 2016 results which saw it deliver growth across all its key metrics
following another successful year as one of the leading property investment
managers in Europe.
Europe-wide, PATRIZIA grew its assets under management (AUM) by EUR2.0
billion to
EUR18.6 billion, while total operating income of EUR283 million exceeded the
forecast of
EUR265 million. "In 2016, we successfully identified and delivered on a
broad range of growth opportunities across the European real estate market,"
says Wolfgang Egger, CEO of PATRIZIA Immobilien AG. "This has further
consolidated PATRIZIA's position as one of the leading European real estate
investment houses and enhancing our expertise so that we remain well
positioned to guide our clients through any future challenges."
With the sale of the Harald portfolio 2016 was another year characterised by
a highly profitable transaction for PATRIZIA, following on from the sale of
Südewo in 2015. However, even with these highly profitable transactions
excluded, 2016 was still a year of significant operating income growth, with
adjusted income at EUR72.2 million, an increase of 69 per cent from EUR42.7
million in 2015. A key reason for this growth was the increase in fee income
for the management of property assets for PATRIZIA customers. Total
management fees increased by 14 per cent to EUR189 million in 2016 from
EUR165 million in 2015, excluding performance fees for the sale of Südewo.
PATRIZIA's AUM growth to EUR18.6 billion was driven by the acquisition of a
number of high-profile assets, such as the Astro Tower in Brussels and the
Commerzbank Tower in Frankfurt for Asian investors, as well as the purchase
of a 3,500-unit German residential portfolio in an off-market transaction
from a Dutch private investor fund. PATRIZIA was also successful in
investing half of its EUR500 million target for its pan-European fund for
logistics properties which was launched in 2015. In 2016, transactions
totalling EUR7.2 billion were signed. Of these, EUR5.1 billion were closed
in the same year with the remaining EUR2.1 billion to be closed during 2017.
PATRIZIA continues to experience growing global demand for investments in
European real estate markets and, as a result of this, will continue the
growth of its network of local experts and global fundraising team, already
operational in Germany, the UK, France, Australia and North America. A
strong endorsement of these growth ambitions is the recent appointment of
Anne Kavanagh to the management board. Kavanagh, who brings more than 25
years' experience in the real estate sector, most recently at AXA IM - Real
Assets, will take the new position of Chief Investment Officer in April
2017.
Building upon the strong growth across PATRZIA's business in 2016, the
Company expects further sustainable growth in most of its key financial
metrics in 2017. With an adjusted operating income of EUR72.2 million in
2016, total operating income in 2017 is prudently expected to be between
EUR60 million and EUR75 million, despite EUR 7million additional expenses
for international fund raising activities. Assets under management are
anticipated to grow by around EUR2.0 billion to EUR20.6 billion.
"Looking forward to 2017 and the years ahead, we will continue to develop
PATRIZIA from its foundations as one of Europe's leading real estate
investment houses into a global provider of European real estate
investments," says Wolfgang Egger.
The Managing Board and the Supervisory Board of PATRIZIA proposed to the
Annual General Meeting to fully carry forward the unappropriated profit to
the new account. These funds will be used to invest into PATRIZIA's
continued, sustainable growth. As in previous years and in order to further
increase the liquidity of the Company's shares, new shares in a ratio of
10:1 shall be issued by means of a capital increase from Company funds. The
2016 annual report is available at www.patrizia.ag
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager on the real
estate market in 15 European countries for more than 30 years. PATRIZIA's
range includes the acquisition, management, repositioning and sale of
residential and commercial real estate over own licensed investment
platforms. As one of the leading real estate investment companies in Europe,
PATRIZIA operates as a respected business partner of large institutional
clients and retail clients in all major European countries. Currently, the
Company manages real estate assets worth almost
EUR 19 billion, primarily as a portfolio manager and co-investor for
insurance companies, pension fund institutions, sovereign funds, savings and
cooperative banks. For further information, please visit: www.patrizia.ag.
Contact:
Michael Tegeder
Head of Investor Relations
Phone: +49 (0) 821 5 09 10-401
[email protected]
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13.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: PATRIZIA Immobilien AG
Fuggerstraße 26
86150 Augsburg
Germany
Phone: +49 (0)821 - 509 10-000
Fax: +49 (0)821 - 509 10-999
E-mail: [email protected]
Internet: www.patrizia.ag
ISIN: DE000PAT1AG3
WKN: PAT1AG
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange
End of News DGAP News Service
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