German property investor Commerz Real on Thursday reported pre-tax profit of EUR 140 mln for the full year 2007, a jump of more than 40% on comparable year-earlier figures. This figure includes a one-off gain of EUR 25.8 mln from the retransfer of valuation reserves.
German property investor Commerz Real on Thursday reported pre-tax profit of EUR 140 mln for the full year 2007, a jump of more than 40% on comparable year-earlier figures. This figure includes a one-off gain of EUR 25.8 mln from the retransfer of valuation reserves.
Commerz Real is the result of the merger of Commerz Grundbesitz Gruppe and CommerzLeasing und Immobilien in May 2007 and is a wholly-owned subsidiary of Commerzbank.
The company said new business realised in 2007 came in at EUR 7.2 bn, a big increase on the joint EUR 3.7 bn worth of new business the two merger partners scored in 2006. Investment products accounted EUR 4.0 bn of this figure, while the firm realised a total of EUR 1.7 bn of new business in structured investments. New business in big ticket leasing amounted to EUR 1.5 bn.
Commerz Real has EUR 44 bn in assets under management, with real estate investment accounting for EUR 33 bn of this figure.
