PATRIZIA SE 
"I expect devaluation pressure to ease in the current year," CFO Christoph Glaser told the Reuters news agency on Wednesday with a view to the real estate markets. He also expects an increase in transactions, which had almost come to a standstill in recent years due to the real estate crisis. Patrizia expects an operating result (EBITDA) in the range of 30 to 60 million euros in the current year. Last year, the key figure had slumped by 31.5 percent to 54.1 million euros according to preliminary figures. Overall, Patrizia reported a loss of 4.1 million euros in 2023. However, the Augsburg-based company emphasized that a profit of 5.8 (previous year: 7.3) million euros was attributable to the shareholders of the parent company. Patrizia intends to increase the dividend slightly.
Rapidly rising interest rates, higher capital costs, high inflation and exploding construction costs are causing problems for real estate companies. Large transactions have been postponed or put on hold in many cases. This is also making pricing on the market more difficult. Numerous real estate companies have also had to devalue their portfolios as a result.
Patrizia was also affected by this development. In terms of assets under management, the Augsburg-based company recorded a decline of 3.2 percent to 57.3 billion euros in 2023, partly due to "market-related valuation pressure". In the current year, Glaser expects them to be in a corridor between 54 and 60 billion euros. Overall, Patrizia has a strong balance sheet, financial flexibility and a solid cash flow of 73.8 million euros in 2023, which is why Patrizia intends to pay a three percent higher dividend of 0.34 euros for the past year.
The Augsburg-based real estate investor has diversified its investments in recent years and is increasingly focusing on investments in the infrastructure sector. These include fiber optic networks and investments in charging infrastructure for electric vehicles and renewable energies.
(Report by Matthias Inverardi, edited by Ralf Banser and Scot W. Stevenson; if you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets)).
