Aurelis closes 2018 with record earnings thanks to large sales
Aurelis Real Estate substantially increased its earnings before, interest, taxes, depreciation and amortization (Ebitda) in 2018 to €439.8mn. Earnings after taxes (EAT) shot up from €160.6mn to €263.3mn. As in previous years, the earnings came from rental income and sales, with the sale of the Laetitia portfolio being a key transaction this year. Together with other deals, sales proceeds increased to €1.15bn (2017: €347.7mn). Rental income rose from €94.3mn to €104mn. Since the privatization in late 2007, the firm has created living space across Germany for roughly 200,000 people, and commercial space for about 125,000 employees, Aurelis states. They intend to continue buying corporate properties with value-add potential and optimize them, says CEO Joachim Wieland. However, they do not expect to reproduce the extraordinary result of 2018 in the coming years.
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