The nationwide project developer GIEAG Immobilien AG (GIEAG) has published its report for the first half of 2021. In the reporting period of the first six months of 2021, GIEAG was able to build on the successes of previous years. At 41.4 million euros, consolidated sales were slightly below the previous year’s level, but still significantly higher than total consolidated sales in 2019, thus achieving substantial growth in sales for the second year in a row.
At 8.8 million euros, consolidated net income in accordance with HGB accounting standards is in a solid range for the first half of 2021. Also, GIEAG made a distribution in the amount of 4.2 million euros. Thus, each share accounted for a dividend of 1 euro. In addition to the Munich Stock Exchange, the GIEAG share has also been traded on the Frankfurt Stock Exchange since 1 October 2021. Moreover, the GIEAG share has also been available on the XETRA (Exchange Electronic Trading) electronic trading system of the Frankfurt Stock Exchange since then.
“Despite the enormous challenges resulting from the pandemic, GIEAG has once again managed to achieve many sustainable successes. In the first six months of 2021 we were able to realize several large transactions across locations. At the Philipp-Reis-Strasse 4 location in Karlsruhe we were able to sell a large office property with a long-term state tenant. In Geretsried, we sold a residential building with a total of 30 subsidized rental flats. We also sold a residential portfolio consisting of 55 semi-detached houses in Erbendorf in the Upper Palatinate to a private investor group. Across all asset classes, we have shown a real flair for long-term and sustainable rental developments. We will continue to be guided by this experience in our future activities”, comments Philipp Pferschy, member of the management board of GIEAG Immobilien AG.
GIEAG’s half-year report for the first half of 2021 can be found here.