DIC Asset: Fund business grows by 73%
DIC Asset achieved its maximum FFO target of €68mn (+13%), which had been revised upwards in November, thus setting a new record. Strong growth was seen first and foremost in fund revenues (+73% to €37.3mn, of which more than €20mn were proceeds from transactions). Rental income from the directly held portfolio fell to a good €100mn due to disposals; a like-for-like increase of 2.7% and an increase in value of around €160mn. Consolidated earnings rose by 6% to €47.6mn, discounting the one-time impact of WCM shares being swapped for TLG shares in the previous year. DIC expects similar rental income this year, and anticipates acquisitions of around €500mn and sales of up to €230mn. Its FFO target is between €70mn and €72mn.
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