News Article CPIPG financial report Immofinanz report S Immo
by Property Forum | Report

Immofinanz Group recorded strong growth in both rental income and operating results for the first quarter of 2023, which was supported primarily by the full consolidation of S Immo and by property acquisitions. Rental income rose by roughly 83% to €128.4 million. The results of operations and sustainable FFO 1 from the standing investment business more than doubled to €82.5 million and €72.5 million, respectively.

  • Rental income rises to €128.4 million due to full consolidation of S Immo and acquisitions
  • Results of operations and FFO 1 more than double
  • Like-for-like growth in rental income remains strong at 9.8%
  • Equity ratio increases to 50.1%, net LTV conservative at 37.6%

The increase in the investment in S Immo to 50% plus one share was finalised at year-end 2022. The assets and liabilities of S Immo have therefore been included in Immofinanz’s consolidated financial statements since 31 December 2022, while the income statement positions were included beginning with Q1 2023.

“Our acquisitions for the retail business combined with the increase in our S Immo investment and the resulting full consolidation have significantly strengthened our market position. The Immofinanz property portfolio now covers roughly eight billion euros in ten European countries, and our operating results have more than doubled. We are also making excellent progress with our portfolio optimisation. In the first quarter of this year, our group successfully closed strategic property sales with a volume of roughly €470 million,“ commented Radka Doehring, Executive Chairwoman of Immofinanz.

Sustainable FFO 1 (before tax) improved by 110.4% to €72.5 million (Q1 2022: €34.4 million) and exceeded the increase in both rental income and the results of asset management. That represents FFO 1 per share of €0.53 (Q1 2022: €0.26).

Financial results turned negative at €-48.5 million (Q1 2022: €47.7 million). The underlying reasons include above all, non-cash valuation effects and the full consolidation of S Immo under which the earnings contributions are no longer included under financial results. In total, Immofinanz generated a net profit of €18.4 million, or earnings per share of €0.16, in the first quarter of 2023.

High occupancy rate

The Immofinanz Group’s property portfolio contained 550 properties as of 31 March 2023, which have a combined value of €7.9 billion. Of this total, €7.5 billion represent standing investments with 3.4 million sqm of rentable space and a gross return of 6.5%. The occupancy rate remained high at 92.2% (31 December 2022: 92.9%).

A further improvement was recorded in like-for-like rental income (i.e. adjusted for acquisitions, completions and sales, excluding S Immo) with an increase of 9.8% in the first quarter of 2023 (versus Q1 2022). The indexing of rental contracts served as the driving factor.

Robust balance sheet structure

The Immofinanz Group had a robust balance sheet structure with an equity ratio of 50.1% as of 31 March 2023 (31 December 2022: 47.9%) and a solid net loan-to-value ratio (net LTV) of 37.6% (31 December 2022: 40.7%). Cash and cash equivalents amounted to €741.2 million. Roughly 89.0% of financial liabilities are hedged against interest rate increases.

The IFRS book value per share improved by 0.8% to €27.68 (31 December 2022: €27,47). The EPRA NTA per share declined slightly by 2.9% to €28.95 (31 December 2022: €29.82).


Immofinanz’s portfolio strategy remains focused on resilient and cost-efficient retail properties and innovative office solutions. Plans include the expansion of this offering in the core countries over the medium term. Following the closing of successful transactions in 2022 and in Q1 2023, the sale pipeline defined in connection with the Group‘s active portfolio management covers properties with a total value of approximately €760 million (excluding S Immo). Further closings are expected in the coming months despite the volatile market environment. The proceeds will be used to repay debt or for reinvestment in real estate.

Further synergies and opportunities for improvement will be identified together with S Immo and with the support of CPIPG in 2023 to increase transparency and profitability for all stakeholders.