IVG Immobilien AG: earnings of third quarter clearly increased by project development

Again, annual earnings will probably exceed previous year´s level

In the course of the first nine months IVG succeeded in achieving clearly increased earnings. Post-tax earnings rose by 49.3% to EUR 51.5 m, operating earnings (EBIT) by 38.8% to EUR 126.2 m. The sale of the project development on Gresham Street was contributing considerably to this result.

The property situated in the City of London with 10,200 m² of lettable space that was sold to Lloyds Bank was handed over and allowed for in the third quarter according to plan.

Turnover increased by 82.4 % to EUR 374.3 m. Group net rents could be raised by 12.2% to EUR 160.2 m that derives from the consolidation of the Stodiek Group that was consolidated for the first time.

In a still very difficult economic situation IVG expects another increase in earnings for the total year compared with the high level that had been reached in the previous year. This would be the eighth successive record earnings.

(source: IVG Immobilien)

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