The nationwide project developer GIEAG Immobilien AG (GIEAG) has published its business figures for 2020. In the 2020 reporting period, the equity ratio rose slightly from 10.1 % to 11.6 % with equity of € 54 million. Total assets have now increased from Euro 415 million to Euro 466 million. Turnover increased very significantly last year to 81.9 million euros compared to the previous year’s figure of 9.6 million euros. The Group’s net profit for the year amounts to 15.9 million euros. The Executive Board will propose a dividend of €1.00 per dividend-bearing share to the Annual General Meeting scheduled for 23 June 2021.
The positive development of the 2020 operating financial year is primarily based on the Erfurt II project, for which the sale to an institutional investor was successfully realised. The completion of the Geretsried project also had a positive effect. Other significant milestones of the past year include the sale of the MayOffice project to Kingstone before completion, the leasing of more than 2,600 m² of the Gerlingen-Work project to SAP and the purchase of the Heinzelmann site in Reutlingen at the end of 2020 as a result of the city winning the competition.
Despite the considerable challenges of the 2020 pandemic year, we were able to make forward-looking decisions as a foundation for future revenue and profit growth. We were able to get many attractive projects underway. Our project pipeline is growing to over 1.6 billion euros in total investment. For 2021 we expect an increased share of purchase and sale transactions as well as again a positive consolidated result, and a further increase in turnover”, comments Philipp Pferschy, member of the management board of GIEAG Immobilien AG.
Further information for the 2020 reporting year, as well as the annual report (after publication) can be found online here.