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31 May 2012
Frankfurt am Main, Germany
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20 June 2012
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Germany's Patrizia posts better 1Q09, eyes future fund opportunities
German residential investor and developer Patrizia reported a slight increase in first quarter figures despite lower sales compared with 1Q08, but still reported a slight loss of e4.7m in its operating earnings. However it held to an expected profit for the full year, even though the German residential real estate market remained dominated by falling investment confidence. Chairman Wolfgang Egger said: "We are maintaining our forecast of achieving operating profit in 2009. Experience shows that in the real estate sector, the volume of transactions increases in the course of the year." Patrizia also intends to make purchases for its two funds in 2009, and "now needs to make use of the opportunities in Germany and abroad".