PIE Events
- German Property Breakfast
14 February 2012
Stockholm
- Distressed Property Breakfast
22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
Germany's Patrizia doubles home sales, rolls over key funding
Augsburg-based listed housing developer Patrizia nearly doubled the sales of homes in 2008 to almost 1,200 units and generated a rise of 14.5% in consolidated revenues to e221m. However 2007's net profit of e48m slipped into a loss of e38m last year and total operating performance sank 80% to just e171m. Patrizia also refinanced a key loan for e530m, due at the end of this month, until March 2011. The group has one of the highest debt ratios in Germany's listed sector and has been struggling since the onset of the financial crisis. Current liabilities slipped by about e100m last year to just under e1.2bn out of total capital of e1.5bn..