News from 03/31/2008
Colonia Real Estate: Earnings double to €67.1mn
In 2007, Colonia Real Estate AG raised its total profit from €128.5mn to €157.7mn. Earnings before interest and taxes (EBIT) rose from €51.7mn to €82.6mn and the concern’s net earnings more than doubled from €31.1mn to €67.1mn. For the first time, a dividend is to be paid (€0.25 per share). With an increase on the balance sheet from €420.2mn to €1.035bn, the firm was able to announce that its equity capital grew from €101mn to €321.6mn, thus boosting the equity capital quota from 23.8% to 31.0%. The net asset value (NAV) amounted to €16.30 per share (2006: €5.75). Placement of the CareInvest 3 fund, planned for the fourth quarter of 2007, was postponed. For 2008, the concern is targeting a €72mn to €75mn surplus.
Hahn-Immobilien: Earnings grow by 170%
During the 2007 business year, the Hahn group increased its earnings before interest and taxes (EBIT) by 170% to €22.69mn. Earnings after taxes climbed by 71.5% to €7.06mn from €4.12mn during the previous year. CEO Bernhard Schoofs said this set a record for the best result in the company’s history. A dividend of €0.18 per share is to be distributed, up 50% from €0.12 for the previous year. Starting in 2009, the firm is expecting significant profit increases due to the Hahn FCP German Retail Fund founded this March in cooperation with LRI Invest S.A. The fund was formulated according to Luxembourg law and specializes in large-area retail properties.
Vivacon: 23% profit increase
Vivacon AG increased its profits during the 2007 business year by 23%, from €45.9mn to €56.2mn. Earnings before interest and taxes (EBIT) grew by 5%, from €78.5 to €82.1mn. A dividend of €0.50 per share is to be distributed (+ 25%). For 2008, the concern is planning to earn several million Euros in annual cash flow from land rent, expecting a yield amounting to €60mn.
Conwert: Record-breaking result for 2007
Vienna-based Conwert Immobilien Invest announced record levels for all financial indicators for the 2007 business year. Operating profit (EBIT) grew by 65% to €172.53mn; earnings before taxes (EBT) shot up by 88% to €145.14mn; and funds from operations (FFO after financial results) rose by 65% to €62.41mn. During the past year, the company expanded its property assets by 40% to €2.35bn, and its total usable area to approximately 1.90mn sqm from 1.32mn sqm in 2006, thus raising rent income by 38% to €109.49. Organic growth of rental income (like-for-like) reached 10%. The firm plans to make property investments amounting to between €150mn and €250mn during the present year, selectively expanding property assets through investments in Austria, Germany, and in the Central and Eastern European area.
IVG Funds: Office park project acquired in Finland for €30mn
IVG Institutional Funds GmbH has acquired an office park project in Helsinki from the Finnish construction concern YIT Rakennus Oy for some €30mn. The “Avia Line Office Park” situated near the Helsinki-Vantaa airport comprises three office buildings with a total of 9,000 sqm of lettable area and a garage for 260 vehicles. The project’s first stage is currently under construction; its completion is scheduled for the autumn of 2008. The principle tenant will be General Motors Finland Oy. Completion of the second construction stage is slated for 2009; the third stage of construction is to be concluded in 2010. IVG Funds also has an option to acquire the fourth construction stage.
Hamburg: Ixocon celebrates topping-out ceremony for harbor control center
The topping-out ceremony for Hamburg harbor's new veterinary control center has been celebrated. The property developer Ixocon GmbH is completing the project on an area of approximately 10,000 sqm on Reiherdamm. Two buildings with some 1,700 sqm of usable area, including office and commercial space with rooms for refrigeration and inspection, are under construction. Completion is planned for June 1, 2008. The contract was given by the Authority for Welfare, Family, Health and Consumer Protection. The new control center is to be responsible for importation and transit of all products of animal origin as well as of some foodstuff of plant origin.