PTA-News: PATRIZIA Immobilien AG: PATRIZIA achieves all its key targets for 2014

1/20/2015, 7:00 AM (Source: pressetext)
Augsburg (pta006/20.01.2015/07:00) - Key points: - Forecast confirmed - Initial, provisional KPIs for the past fiscal year

Business news for the stock market

Augsburg (pta006/20.01.2015/07:00) - Key points:
- Forecast confirmed
- Initial, provisional KPIs for the past fiscal year

PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) achieved its key targets in the 2014 fiscal year:

Sale of own stock is progressing faster than originally planned, with just under 3,000 units sold in the financial year compared with the forecast 1,800 units. At the end of 2014, PATRIZIA's own portfolio comprised less than 1,100 residential and commercial units, the majority of which are to be sold over the next twelve months. Further progress was also made in reducing bank liabilities: purchase price payments meant the loans of EUR 399 million as of 31 December 2013 have now been more than halved to less than EUR 200 million. This includes the two bonded loans, which as announced remain unchanged at EUR 77 million.

Growth in assets under management significantly exceeded its planned target of EUR 2 billion. In 2014, the volume of real estate assets managed by PATRIZIA grew by around EUR 2.6 billion, from EUR 11.8 billion to EUR 14.4 billion. Three large portfolio transactions were a major contributory factor here: the acquisition of the "Leo I portfolio" in Hessen, the purchase of three business parks in Great Britain and the acquisition of a residential portfolio with 5,500 units in the Netherlands, of which around 1,350 units will not, however, be transferred in economic terms until the first quarter of 2015.

We are again able to confirm the forecast operating result of at least EUR 50 million for 2014.

The published figures are provisional and unaudited. The final consolidated financial statements will be published on 25 March 2015.

The Managing Board

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emitter: PATRIZIA Immobilien AG
address: Fuggerstraße 26, 86150 Augsburg
country: Germany
contact person: Investor Relations
phone: +49 821 50910-369
e-mail: investor.relations@patrizia.ag
website: www.patrizia.ag

ISIN(s): DE000PAT1AG3 (share)
stock exchanges: regulated market in Frankfurt; free market in Stuttgart, free market in Munich, free market in Hamburg, free market in Dusseldorf, free market in Hannover; open market in Berlin

[ source: http://www.pressetext.com/news/20150120006 ]