GLOBAL - With a net rental income of 16.3% and 15.7% respectively, retail and offices were the most profitable real estate asset classes, according to property investor Wereldhave.
Industrial and residential buildings returned 4.1% and 0.6% respectively to its total net rental income of €36.7m, the company said in its first quarter report.
With net returns of 7%, Finland was found to be the most profitable market but properties in the UK and the US also yielded 6.5% and 5.5% respectively, while Spain came bottom of the list with 1.9%.
Wereldhave’s property portfolio decreased by 1.7%, and its own assets were down 2.5% to €1.8bn. while the firm’s overall profit dropped 22.9% to €54.4m, because of a smaller increase through revaluation and lesser divestment results, which totalled €26.5m and €2.5m respectively.
Wereldhave has also acquired a €5.5m plot of land near Dallas, Texas, to build 600 houses, however work will not commence until 2008.
The real estate firm currently invests in properties in Belgium, the Netherlands, Finland, Spain, France, the UK and the US.
