TLG increases earnings and makes progress with WCM takeover
TLG Immobilien has increased the funds from operations (FFO) in the first half of the year by 21.4% to €46.5mn. This was due to an increase in rental income thanks to growth in the portfolio, the semi-annual report stated. Compared to the first half of 2016, rental income increased by 16.1% to €78.5mn. The value of the real estate portfolio increased by 2.7% to €2.3bn. Due to a higher valuation result, the period result rose from €33.5mn to €76.5mn. In the current takeover offer for the shares of WCM, the proportion of the shares already swapped is currently 28.4%. The transaction is expected to be closed in October. TLG has revised the FFO forecast upwards to between to €90mn and €92mn.
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