Immofinanz Group, majority owned by CPI Property Group, recorded a rental income growth of 13% during H1 2024 to €292.5 million compared to the same period of last year and recorded a strong profit, according to a financial report.
The group said its net profit amounted to €43 million versus a loss of €144.5 million in H1 2023. The results of asset management increased by 15.2% over the previous year to €249.8 million, and the results of operations improved by a strong 88.0% to €221.9 million.
“We achieved significant growth in all relevant key figures in the first six months of 2024 despite a persistently volatile market environment. This positive development was based on our outstanding operating performance and our value-creating portfolio strategy,“ said Radka Doehring, member of the Immofinanz Executive Board.
The group’s property portfolio comprised 491 assets with a combined value of €8.2 billion. Of the total amount, €7.9 billion accounted for standing investments with 3.6 million sqm of leasable space.
During H1, the group obtained €446.6 million from property sales in Austria, Croatia, Poland and Germany. At the same time, Immofinanz purchased office buildings and retail parks in the Czech Republic from CPI Property Group.
On the financial side, Immofinanz had cash reserves of €767.9 million.
Looking forward, the group will focus on the expansion of its retail portfolio and will explore further integration opportunities with its parent company.
