German real estate financier Berlin Hyp has generated EUR 2.4 bn in new lending volume so far in 2010 compared to EUR 1.8 bn for the first nine months last year. The Berlin-based bank reported a pre-tax profit of EUR 57.9 mln compared to EUR 58.8 mln in the same period last year.
German real estate financier Berlin Hyp has generated EUR 2.4 bn in new lending volume so far in 2010 compared to EUR 1.8 bn for the first nine months last year. The Berlin-based bank reported a pre-tax profit of EUR 57.9 mln compared to EUR 58.8 mln in the same period last year.
In its interim report to end-September 2010, Berlin Hyp said that new lending in 2010 was mainly granted to investors concentrating on commercial real estate in the old federal states of Germany. In addition, it provided extensions of existing commitments with a total volume of EUR 534 mln. Financing commitments continued to focus on investor business, primarily within Germany.
Berlin Hyp CEO Jan Bettink said: 'We observe that the mood of investors has taken a positive turn over the last few months. In the third quarter, more new lending business was concluded than in the first two preceding quarters. Berlin Hyp nevertheless still continues to act cautiously and adheres strictly to its stringent risk and earnings criteria.'
Earlier this week, Aareal Bank and Helaba, two other German real estate lenders, posted firm third quarter figures. Aareal posting consolidated operating profit of EUR 33 mln for the third quarter up from EUR 31 mln the year before. Helaba reported a net profit for the nine months of EUR 218 mln, compared with EUR 95 mln at end-June 2010, slightly below last year's figure.