Berlin-based office property specialist Polis Immobilien on Friday announced significant sales and earnings growth in 2007. According to preliminary figures released by the company, rental income more than doubled in 2007, rising to around EUR 9.8 mln from EUR 4.3 mln in 2006. Income from current property management came in at about EUR 8.5 mln in 2007, also more than double the EUR 3.2 mln seen the year earlier.
Berlin-based office property specialist Polis Immobilien on Friday announced significant sales and earnings growth in 2007. According to preliminary figures released by the company, rental income more than doubled in 2007, rising to around EUR 9.8 mln from EUR 4.3 mln in 2006. Income from current property management came in at about EUR 8.5 mln in 2007, also more than double the EUR 3.2 mln seen the year earlier.
Consolidated net income at Polis soared to EUR 8.9 mln in 2007 from a previous EUR 0.5 mln while earnings before taxes jumped to EUR 10.5 mln from EUR 0.9 mln. Net asset value is expected to increase by 17% to EUR 13.75 per share, Polis said.
Following an initial public offering on the Frankfurt stock exchange in March 2007, Polis said it has boosted the value of its real estate portfolio from EUR 142 mln to EUR 277 mln. 'With an equity ratio of around 55%, we have the financial means to make further purchases and take advantages of the opportunities in the real estate market,' said Polis Immobilien chief executive Dr. Alan Cadmus in a statement. 'We will continue to follow a strategy of exclusively acquiring office buildings in prime business districts in Germany, and we will maintain our high standards when it comes to locations, properties and returns.'
