Immofinanz Group posted a net profit of €225.8m in the first three quarters of 2013/14, a 7.1-percent increase year-on-year. Operation results, however, saw a slight 7.2-percent decrease, falling to €358.7m from €386.3m, as a result of numerous property sales and a delay in the completion of the group’s Goodzone shopping center in Moscow. Rental income came in at €468.3m, down from €492.9m posted in the same period last year. Property sales also fell to €26m from €59.6m the previous year.
“We sold properties with a value of €863.1m during the first three quarters of 2013/14. With these results, we met the target for the five-year, €2.5bn sales program that was launched in 2010/11 – as expected – earlier than planned”, said Eduard Zehetner, CEO of Immofinanz Group. Property sales from May 2010 to January 2014 totaled €2.52bn “In the transaction area, Immofinanz Group wants to maintain this speed for property sales in the future,” Zehetner said. “We recently sold two office buildings for nearly €29 million and above the book value: the Airport Office III in Düsseldorf and the Arbes in Prague. In both cases, the buyers were institutional investors.”
