Colonia Real Estate: Acquisitions of residential and commercial properties planned
In 2007, CRE plans acquisitions, both in the residential property sector and as a co-investor in commercial portfolios. In February, with its successful takeover of 51% of the shares in two residential firms with a total portfolio of 10,100 residences, CRE already achieved its end-of-2007 goal: To extend its residential portfolio to 20,000 units.
For the FY 2006, the firm increased turnover and proceeds in all business areas and consequently achieved record results. The turnover climbed from €43.5mn in 2005 to €128mn. Group profit escalated from €6.8mn to €31.2mn—an amount that just missed November's earnings forecast, which had been raised from €32mn to €34mn.