Mixed results for Immofinanz as pandemic hits Q1 2020 valuations
In Q1 2020, revenue increased by 13 percent and to reach €74m, due primarily to the expansion of the company's portfolio through acquisitions and completions. The numbers were bolstered by 1.9 percent growth in like-for-like rental income. Asset management results rose 18.1 percent to €59.5m, and operating results increased by 18 percent to €43.5m. However, the crisis caused by the pandemic led to the results of the revaluation of €-45.0m from fixed investments, so the net profit for Q1 2020 dropped by €37.6m.
Ronny Pecik, CEO of Immofinanz, said that the crisis slowed the growth rate in March, but that they had already reopened 79 percent of their retail space has already reopened. The company will continue to focus on the office and retail sectors and on strengthening the company's brand strategy.