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DGAP-News: PATRIZIA AG
/ Key word(s): Quarterly / Interim Statement
Growth in assets under management and total service fee income drive strong set of results Augsburg, 13 November 2019. PATRIZIA AG, the global partner for pan-European real estate investment, announces strong 9M 2019 performance driven by increased assets under management and superior investment performance for its domestic and international clients. Commenting on the results, PATRIZIA CFO Karim Bohn said: "We again delivered convincing results for our clients and shareholders, sourcing attractive real estate investments across all sectors throughout Europe. While the overall real estate market activity is still below last year's levels, PATRIZIA was able to increase the transaction volumes signed for our clients by 11.8% y-o-y, which at the same time is a material improvement compared to H1 2019. This leads to solid growth of AUM and recurring management fees." He adds: "We see continued structural growth in real estate investment management services driven by strong client demand and the lower for longer interest rate environment." As at 30 September 2019, PATRIZIA's assets under management increased to EUR 42.6bn compared to EUR 41.0bn as at 31 December 2018 (+3.8% y-t-d). The Group signed EUR 4.6bn transactions in European real estate for its domestic and international clients in the first nine months of 2019 compared to EUR 4.1bn in the same period last year (+11.8% y-o-y). Total service fee income (which combines management, transaction and performance fees) increased 11.5% y-o-y from EUR 209.7m in 9M 2018 to EUR 233.7m in 9M 2019. Bohn adds: "Our 9M 2019 results are fully in line with our budget. The operating income of EUR 97.7m is virtually unchanged compared to the same period last year (EUR 98.1m) but the quality of earnings has improved further as decreased gains on the sale of phase-out principal investments were replaced by further growth in recurring fee income." PATRIZIA confirms its guidance for operating income of between EUR 120.0 - 130.0m for the financial year 2019. PATRIZIA will hold a Capital Markets Day for institutional equity investors and analysts in Frankfurt am Main on 14 November 2019. A replay of the 9M 2019 CFO results presentation as well as all Capital Markets Day presentation slides will be made available in the shareholder section of PATRIZIA's website:
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13.11.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| Language: | English |
| Company: | PATRIZIA AG |
| Fuggerstraße 26 | |
| 86150 Augsburg | |
| Germany | |
| Phone: | +49 (0)821 - 509 10-000 |
| Fax: | +49 (0)821 - 509 10-999 |
| E-mail: | |
| Internet: | |
| ISIN: | DE000PAT1AG3 |
| WKN: | PAT1AG |
| Indices: | SDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 911953 |
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| End of News | DGAP News Service |
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911953Â Â 13.11.2019Â
