DGAP-News: PREOS Real Estate AG / Key word(s): Half Year Results/Real Estate
PREOS Real Estate AG: EBIT almost tripled in first half of 2020 and further expansion of the real estate portfolio
Leipzig, 24. September 2020 - PREOS Real Estate AG (in future: PREOS Global Office Real Estate &Technology AG, "PREOS", ISIN DE000A2LQ850) was able to significantly expand its portfolio of existing properties in the first half of the year, thus continuing its profitable growth course.
Earnings before interest and taxes, EBIT, rose by almost 179 percent to around EUR 70.0 million in the first half of 2020 (first half of 2019: EUR 25.1 million), thus almost tripling. Consolidated earnings after taxes totalled EUR 30.9 million in the reporting period, compared to EUR 21.8 million in the previous year.
This increase primarily resulted from the acquisition of further office properties in prime locations in recent months. The portfolio's value almost doubled in the first half of 2020 compared to the same period of the previous year.
The newly acquired properties in the reporting period included the Westend Carree in the city centre of Frankfurt/Main with renowned tenants, such as the Max Planck Institute, and the Centurion Tower, which is also located in an attractive area of the banking metropolis.
As a real estate investor, PREOS intends to continue to focus on the acquisition of office properties in central locations in the future and also to advance its internationalisation strategy.
Frederik Mehlitz, CEO of PREOS Real Estate AG: "We can look back on a very successful first half of 2020, which is reflected in the strong improvement in consolidated earnings. With the support of our major shareholder and asset manager, publity AG, we were able to rapidly expand our property portfolio - despite the exceptional circumstances caused by COVID-19. We have thus proven that our business model is crisis-resistant. We believe we are solidly positioned for the future and have a well-filled pipeline of commercial properties with potential for value growth. In combination with the planned internationalisation and digitalisation of our business model, this will ensure a solid position for PREOS on the market.
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24.09.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
PREOS Real Estate AG
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