German property investor TAG said Thursday its consolidated profit for the nine months to end-September came in at EUR 7 mln, compared with EUR 1.7 ml in the year earlier period. Revenues rose to EUR 58.3 mln, from EUR 57.6 mln a year earlier.
German property investor TAG said Thursday its consolidated profit for the nine months to end-September came in at EUR 7 mln, compared with EUR 1.7 ml in the year earlier period. Revenues rose to EUR 58.3 mln, from EUR 57.6 mln a year earlier.
The improvement in results was underpinned by a rise in rental and management income to EUR 45.5 mln from EUR 23.8 mln, as well as additions to the property portfolio, TAG said.
The volume of investment properties tripled in value from to EUR 532.5 million at end-September, from EUR 172.1 mln year-end 2006. In the same period, total assets rose to EUR 799.8 mln from EUR 693.3 mln.
The company said the preparations for the launch of its commercial property arm as a REIT are well underway. 'Our preparations for the placement of the TAG commercial property REIT are proceeding according to schedule. As soon as conditions in the stock market permit a fair valuation, we plan to float the company as a REIT,' said CEO Andreas Ibel.
