Immofinanz Group posted a net profit of €50.9 million in the first nine months of 2024, recovering from a loss of €105.9 million in the same period of last year, over higher rental income and additional sales of assets.
The group’s portfolio included 468 properties as of 30 September 2024 with a combined value of €7.9 billion. Of this total, €7.7 billion, or 97.3% of the carrying amount, represent standing investments with 3.5 million sqm of rentable space in total and a gross return of 7.2%. At the same time, the occupancy rate remained stable at 92.2%.
In addition, Immofinanz continued its strategic portfolio optimisation during the first three quarters of 2024 with sales totaling €641 million. At the same time, the company acquired attractive office buildings and retail parks in the Czech Republic and continued the expansion of the STOP SHOP retail network in Croatia.
“This good progress during the first nine months of 2024 confirms that we are well positioned to continue our growth course over the medium and long term based on our robust financial base and popular portfolio of resilient retail properties and innovative office solutions,“ said Pavel Mechura, Member of Immofinanz’s Executive Board.
Revaluations (including property development and property sales) amounted to €-75.6 million compared with €-219.5 million in the same period of 2023.
On the financial side, Immofinanz’s cash reserves totaled €613.9 million by September 2024, while its IFRS book value per share improved by 3.8% to €27.60.
Immofinanz confirmed in its financial report that it will complete the squeeze-out in S Immo in December.
Going forward, the group said it is one course to continue its growth over the medium to long term. Value creation will focus on retail expansion and further integration with its majority shareholder CPI Property Group.
