Earnings Release • Jan 18, 2011
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Corporate | 18 January 2011 07:28
PATRIZIA Immobilien AG: PATRIZIA increases sales figures by 91 % in 2010
PATRIZIA Immobilien AG / Key word(s): Disposal/Miscellaneous
18.01.2011 / 07:28
PATRIZIA increases sales figures by 91 % in 2010
– 801 apartments privatized, up 22 % on previous year
– Block sales rise substantially to 1,002 units
– Three project developments concluded and sold successfully
– Final acquisition of LB Immo Invest GmbH completed
Augsburg, January 18, 2011. In fiscal 2010, PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) privatized a total of 797 residential units and 4 commercial units. This represents a 22 % increase as against the previous year, when 657 units were sold individually to tenants, owner-occupiers and private investors. 196 units were sold in the fourth quarter of 2010, meaning that our forecast predicting approximately 180 units for the period from October to December was exceeded. The average sale price was EUR 2,169 per sqm in the fourth quarter and EUR 2,370 per sqm in the year as a whole – slightly higher than the previous year's level of EUR 2,351 per sqm. Private investors once again formed the largest buyer group at 67.9 % (year as a whole: 67.2 %).
In December, further block sales of 335 residential units and 2 commercial units were realized. At 300 units, the majority of these were sold in the Hamburg region, with the other 37 units located in Berlin. In total, four properties of between 37 and 155 units were sold for EUR 29.1 million. The purchase price revenues were recognized in income already in December 2010. Two of the properties were recognized under investment property and sold above fair value. In the fourth quarter, sales of another 285 units in Leipzig, Frankfurt and Munich for which we had already published the notarization in previous quarters were recognized in income.
Therefore, in 2010 as a whole PATRIZIA sold 1,002 units en bloc to institutional investors and family offices – a significant upturn as compared to the previous year when, due to the continuing effects of the financial markets crisis, only 289 units were sold en bloc. Here the sale price per square meter averaged EUR 1,625 (previous year: EUR 2,177). This price per square meter is due to the fact that some of the properties sold in the fourth quarter in Leipzig, Frankfurt and the Hamburg region were sold without major renovation measures having been carried out.
In total, 1,803 units were sold in 2010 via the two sales channels of residential property resale and block sales – a 90.6 % increase as against 2009 (946 units).
In addition, three project developments were completed and sold in fiscal 2010. The total of 41 apartments in the new construction projects Am Schwalbeneck (Augsburg) and Casa Verde (Herthastrasse, Munich) were sold individually, while the mixed-use property Isartor-Palais (Zwingerstrasse, Munich) was sold en bloc to an institutional investor.
The sales mentioned above were already included in the forecast issued for fiscal 2010 of an operating profit of EUR 12-13 million. The cash inflows were used predominantly to repay the bank loans, which fell from EUR 932 million to less than EUR 840 million in the fourth quarter of 2010. Over the course of the year, liabilities to banks decreased by roughly EUR 230 million or more than 20 %.
The acquisition of 94.9 % of the shares in the investment company LB Immo Invest GmbH, which we published with the signing of the purchase agreement on December 9, 2010, was completed in full as of January 3, 2011. LB Immo Invest GmbH will be fully consolidated in the 2011 consolidated financial statements. We expect the integration to make a contribution to earnings (EBT) of EUR 3.5 million in the current fiscal year and EUR 5.0 million in 2012.
| Q1 2010 | Q2 2010 | Q3 2010 | Q4 2010 | 2010 | 2009 | |
| Privatized units | 183 | 177 | 245 | 196 | 801 | 657 |
| Average sales price | EUR 2,492 per sqm | EUR 2,505 per sqm | EUR 2,348 per sqm | EUR 2,169 per sqm | EUR 2,370 per sqm | EUR 2,351 per sqm |
| Units via block sales | 0 | 297 | 83 | 622 | 1,002 | 289 |
| Average sales price | – | EUR 1,987 per sqm | EUR 1,801 per sqm | EUR 1,389 per sqm | EUR 1,625 per sqm | EUR 2,177 per sqm |
Augsburg, January 18, 2011
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstrasse 26
86150 Augsburg
Germany
Listing: Frankfurt Official Market (Prime Standard)
ISIN: DE000PAT1AG3
WKN: PAT1AG
| Contact: Investor Relations Margit Miller Tel.: +49 (0) 821 5 09 10-369 Fax: +49 (0) 821 5 09 10-399 [email protected] |
Press Andreas Menke Tel.: +49 (0) 821 5 09 10-655 Fax: +49 (0) 821 5 09 10-695 [email protected] |
End of Corporate News
18.01.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG.
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| Language: | English |
| Company: | PATRIZIA Immobilien AG |
| Fuggerstraße 26 | |
| 86150 Augsburg | |
| Deutschland | |
| Phone: | +49 (0)821 – 509 10-000 |
| Fax: | +49 (0)821 – 509 10-999 |
| E-mail: | [email protected] |
| Internet: | www.patrizia.ag |
| ISIN: | DE000PAT1AG3 |
| WKN: | PAT1AG |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart |
| End of News | DGAP News-Service |
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| 109228 18.01.2011 |
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