CA Immo reports €46.2m in rental income in Q1
CA Immo’s rental income increased by 5.5 percent to €46.2m in the first three months of the year. The acquisition of the fully leased Warsaw Spire Building B helped drive revenue growth. The net result from rental income after the first quarter was €42.7m, up 11.7 percent from the previous year. Sales also increased significantly to €8.1m. EBITDA increased by 40.6 percent to €40.8m.
“Due to our highly successful operating business, we were able to increase all key performance indicators in the first quarter of 2018 and, as a result, the company value as well. With the KPMG building in Berlin, we completed the first of three projects for 2018 on time, transferring the fully let structure to our portfolio in the process,” said Andreas Quint, CEO of CA Immo. “At the same time, we have successfully realized one of our main strategic objectives for this year ahead of time with the acquisition of an office building in Bucharest that is still under construction. Modern office properties in prime locations with a strong cash flow will thereby be added to our international asset portfolio, which is nearing full utilization with an occupancy rate of currently over 94 percent.”