S Immo increases FFO by 10%
S Immo’s income from the letting of its office, retail and residential properties and from hotel management increased by 9.9% to €47.8mn in Q1. FFO 1 grew by 10.2% to €10.8mn. While the financial result deteriorated from -€6.7mn to -€9.7mn due to effects from the valuation of derivatives, the profit from real estate valuation rose from €9.4mn to €9.9mn, primarily due to appreciations in Germany. Overall, the period surplus increased by 2.7% to €15.1mn. S Immo is examining acquisition options in all its markets, including residential or office properties in growing German cities such as Leipzig, Erfurt or Kiel, as well as large plots of land in Berlin’s affluent suburbs, where the company currently owns around 1 million sqm of space.
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