Immofinanz revaluation’s results turned positive in the first quarter of 2019, thanks primarily to its property on Na Příkopě in Prague. Overall, its revaluation of investment property and goodwill reached €7.1m, up from a -€3.8m result in the first quarter of 2018. Immofinanz acquired a 50 percent interest in the revitalized office project during Q1 2019 and is now its sole owner. Overall, the company saw its net profit reach €30.4m in Q1, significantly better than the €1m profit achieved in the same quarter of 2018. Rental income rose by 10.5%, or EUR 6.2 million, to EUR 65.2 million. With substantial liquidity available to the company, Immofinanz has been taking advantage of investment opportunities, and it expects to make new acquisitions involving its STOP SHOP network of retail parks and development project. The company is also evaluating a variety of office acquisitions not just in Prague, but in Prague and Budapest as well.
