TLG profits from strong revaluations in Berlin
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.
Subscribers to our premium service have access to this article in full as well as to an additional 480,000+ news items: all filterable by topic, company, asset class, city or keyword. In TD Premium you can search for investment deals, leases, current project developments and company news with pinpoint accuracy.
TD Premium is Germany's leading property information tool that interconnects news, transactions, project data, market and company information in a unique and flexible system.