Arcona Property Fund produced a pre-tax profit of €1.438m in the first quarter of 2017. Adjusted for valuation gains and one-off costs, the pre-tax profit for the January-March period was €424,000. Gross rental income rose to €1.976m. Arcona finalized the acquisition of a portfolio of 11 shopping centers in Poland, worth €25.9m, in the period, which resulted in a valuation gain of €1.217m. Guy Barker, managing director of Arcona Capital, says the company will now focus on further growth opportunities for the property fund with a target of €500m over the next three to five years.
The income from the Czech and Slovak portfolios grew continuously, with net income in the first quarter rising by 5 percent y-o-y to €779,000 from €742,000. Occupancy levels in the Czech portfolio rose from 86.7 percent at the end of 2016 to 95.6 percent at the end of March. In Slovakia, occupancy increased from 73.5 percent to 74.4 percent during the same period.
