The group’s loss in the first half of 2024 amounted to 49.1 million euros, after a profit of 13.5 million euros in the same period last year. Rental income increased by 3 percent to 121.4 million euros, the real estate company specializing in office space announced on Wednesday evening.
The result from real estate sales amounted to 2 million euros, compared to 112.3 million euros in the first half of 2023. The real estate group achieved an increase of 4 percent to 55 million euros in the FFO 1 earnings indicator, which is important in the real estate industry. “Looking ahead, we believe that the office markets will continue to be divided into two parts, with stronger price pressure on weaker properties in decentralized locations,” said CA Immo CEO Keegan Viscius in a press release. Preparations “for selective, value-enhancing development and refurbishment projects” are in full swing. “These will further expand our prime office exposure in the high-growth Berlin market,” announced the company boss.
The revaluation result of the Vienna-based real estate group amounted to minus 119.1 million euros in the first half of the year (June 30, 2023: minus 146.6 million euros), which corresponds to a decrease of around 2.3 percent in terms of real estate assets at the end of 2023. According to the company, CA Immo’s total real estate assets amount to around 5.1 billion euros. The company’s core business is commercial real estate, with a focus on office properties in the metropolitan cities of Germany, Austria and the CEE region.
For the 2024 financial year, CA Immo expects a sustainable result (FFO I) of over 105 million euros. “The real estate market remains dynamic and to some extent unpredictable, influenced by higher interest rates, economic fluctuations, regulatory changes and changing tenant needs,” the company writes in its outlook for the second half of the year. The company will continue to focus on accelerating the sale of properties outside the core business, simplifying the business model and achieving economies of scale.
