Hamburg-based real estate company TAG Tegernsee has reported consolidated earnings before taxes increased nearly fivefold in 2007, rising to EUR 31.1 mln from EUR 6.4 mln, while revenues increased 36% to EUR 146.1 mln. In preliminary indications on its performance in 2007, TAG pointed to strong growth in all business segments, along with stable rental income, strong expansion of its real estate portfolio and profits from the sale of real estate. TAG said it planned to pay out a dividend of 10 cents per share on 2007 earnings.
Hamburg-based real estate company TAG Tegernsee has reported consolidated earnings before taxes increased nearly fivefold in 2007, rising to EUR 31.1 mln from EUR 6.4 mln, while revenues increased 36% to EUR 146.1 mln. In preliminary indications on its performance in 2007, TAG pointed to strong growth in all business segments, along with stable rental income, strong expansion of its real estate portfolio and profits from the sale of real estate. TAG said it planned to pay out a dividend of 10 cents per share on 2007 earnings.
The property firm also said TAG Gewerbeimmobilien-Aktiengesellschaft, which is registered as a pre-REIT, systematically continued to focus on office real estate during the year. At end-2007, the portfolio had a volume of around EUR 400 mln and was generating stable cash flow. At the same time, TAG said it offers considerable potential for development as a result of different lease durations.
During the course of the year, asset management was reinforced through a joint venture with HSH Real Estate, a subsidiary of HSH Nordbank, in the property and asset management area for commercial real estate. The new company manages a portfolio of commercial real estate worth an initial EUR 1.2 bn, TAG said.
TAG did not provide forecasts for 2008. Its final 2007 results are slated for release on 24 April.
