The nationwide project developer GIEAG Immobilien AG (GIEAG) has published its business figures for 2019.
In the 2019 reporting period, total operating performance increased by 175 percent from € 53.6 million to € 147.6 million. One reason for the sharp increase is a change in accounting: in the past financial year, the increase in inventories of around 136 million euros was included in the Group’s total operating performance for the first time.
However, the operationally successful fiscal year 2019 will only be fully reflected in the results for the current year, resulting in a comparatively small loss after tax of 6.3 million euros for 2019. This is also due to the fact that the successful transaction of the “Erfurt II” logistics property to a German special fund managed by AEW Invest GmbH took place in December 2019, but the closing did not take place until March 2020. The corresponding sales proceeds can therefore only be recognized in the current year.
“The sales success of ‘Erfurt II’ in the first quarter of the current fiscal year and our solid portfolio mix of promising project developments and stable portfolio properties make us optimistic for the rest of the year. For 2020, we expect – despite the challenges posed by the Corona crisis and the partly negative economic outlook – a positive consolidated result again,” comments Philipp Pferschy, CEO of GIEAG Immobilien AG.

The annual report for the reporting year 2019 (German) can be found online here.
Due to Corona, the Annual General Meeting 2020 will not take place until the IV quarter of this year. The exact date is yet to be announced.

Contact

GIEAG Immobilien AG
Philipp Pferschy
Montgelasstraße 14
81679 München
ir@gieag.de
+49 89 290516-0

Press contact

PB3C GmbH
Tauentzienstr. 16
10789 Berlin
gieag@pb3c.com
+49 30 726276-152

About GIEAG Immobilien AG

GIEAG is a family-run Munich real estate stock corporation. The shares of GIEAG Immobilien AG are traded on the Munich Stock Exchange. By combining the three asset classes - office, residential, logistics - and the two service areas of development and portfolio management, the company offers stability that is unique in the market. The GIEAG team of experts is a guarantor for innovative and forward-looking concepts.

Over the past 25 years, GIEAG Immobilien AG has developed and optimised a large number of real estate projects with areas of up to 145,000 square metres and an individual investment sum of 15 to 150 million euros. Partnership, transaction security, perseverance and speed are the basis of sustainable value development for GIEAG.

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