TLG profits from strong revaluations in Berlin

10/08/2018

TLG increased its rental revenue in H1 by 39.6% to €109.6mn and its FFO by 45.4% to €67.6mn. The company explains the significant increase as being from the takeover of WCM and other acquisitions. All in all, purchases totaling €143.3mn were agreed or closed during the reporting period, mainly in West German core markets. The value of the portfolio has increased by 7.8% to approximately €3.7bn since the beginning of the year, largely due to revaluations. These were also the main reason for the jump in earnings to €170.9mn (+123%). Of a total of €183.5mn in appreciation, around 78% was attributable to the Berlin properties. In view of the positive business growth, TLG is raising its FFO annual forecast to €130–133mn. At the beginning of the year, this target was €125–128mn. The Berlin-based company sees even more room for growth with regard to further acquisitions.


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