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PATRIZIA on track for strong 2019 following robust first quarter performance

16 May 19

Relations presse immobilier
Contact médias : Carol Galivel - 01 41 05 02 02

Offering compelling products to clients and organic growth remain the focus areas for 2019 PATRIZIA on track for strong 2019 following robust first quarter performance • Solid growth in asset management fees by 24.2% YOY to EUR 46.4m • Total service fee income of EUR 71.1m, up from EUR 65.1m in 3M 2018 • Operating income of 24.0m in 3M 2019 (versus extraordinarily strong 3M 2018 of EUR 42.7m) • Full-year guidance of EUR 120.0 – 130.0m operating income confirmed

Offering compelling products to clients and organic growth remain the focus areas for 2019

 

PATRIZIA on track for strong 2019 following robust first quarter performance

  • Solid growth in asset management fees by 24.2% YOY to EUR 46.4m
  • Total service fee income of EUR 71.1m, up from EUR 65.1m in 3M 2018
  • Operating income of 24.0m in 3M 2019 (versus extraordinarily strong 3M 2018 of EUR 42.7m)
  • Full-year guidance of EUR 120.0 – 130.0m operating income confirmed

 

Augsburg, 16 May 2019. PATRIZIA Immobilien AG, the global partner for pan-European real estate investment, announces that it remains on track for a strong 2019 following the publication of its results for the first three months of 2019.

Commenting on the results, PATRIZIA CFO Karim Bohn said: “While European real estate transaction volumes continue to trend downwards due to a lack of available product, PATRIZIA has had a robust start to the year having further improved the quality of operating income. The key focus for the business for the remainder of the year remains unchanged: to offer attractive real estate investment products to our domestic and international clients sourced from our pan-European network of local experts and supporting the Group’s organic growth.”

 

As at 31 March 2019, PATRIZIA’s assets under management (AUM) remained virtually stable at EUR 40.9bn compared to 31 December 2018. The Group executed EUR 0.5bn of acquisitions and EUR 0.6bn of disposals during the January-March period.

Operating income for the first three months of 2019 was EUR 24.0m (2018: EUR 42.7m). The extraordinarily strong operating income performance in the first three months of 2018 was positively impacted by the disposal of remaining principal investments and high income from co-investments booked in the reporting period. Adjusted for these two items operating income grew 18.4% to EUR 21.4m (Q1 2018 EUR 18.1m).

PATRIZIA confirms its guidance for operating income of between EUR 120.0 – 130.0m for the financial year 2019.  

The Company announced the strategic acquisition of KENZO, a Tokyo-based investment manager, in January 2019 providing enhanced scale to the Group’s fundraising ability in Asia, whilst also offering clients the opportunity to invest in Japanese residential real estate.

PATRIZIA recorded growth across both recurring management fees, up 24.2% to EUR 46.4m (Q1 2018: 37.4m), and transaction fees, up 18.7% to EUR 6.0m (Q1 2018: EUR 5.1m), whilst performance fees were lower at EUR 18.7m in line with management expectations and following an extraordinarily high level of activity in the first three months of 2018. A growing share of total service fee income was derived from recurring management (65.3%) fees.

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