Patrizia expects more transaction activity
Patrizia concluded real estate transactions with a volume of €3bn in H1 and increased its real estate assets under management to €41.6bn, up from €41bn at the end of 2018. Operating income increased by 8.9% to €79mn. The increase was due in particular to growth in recurring management fees (+19.7%) and performance fees (+75.2%). These, together with transaction fees (which were, however, down 30% year-on-year) generated a total service fee income of €174.2mn (+28%). Transaction activity is expected to increase in H2, while service fee income has already nearly reached the target result. Patrizia thus confirmed its guidance for 2019 of an increase in assets under management of €3bn to €4bn and an operating result of €120mn to €130mn.
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