Property & Construction

South: Patrizia exceeds profit forecast as management fee income rises

Published by
TBM Team

Patrizia, which owns Chineham Park, Basingstoke, and Winnersh Triangle, near Reading, exceeded its profit forecast for the 2016 financial year significantly following a strong performance in the fourth quarter.

The three months until December 31, 2016, were characterised by increased transaction volumes and the realisation of higher performance fees from the management of real-estate investments.

Following a total operating income of €155 million for the 2015 financial year, the total operating income for 2016 is expected to rise to €283m, exceeding the most recent forecast of at least €265m.

A major contributor to the strong results was the increase in fee income for the management of property assets for Patrizia investors. Total management fees increased by 14% to €189m in 2016 from €165m in 2015.

In 2016, Patrizia was able to realise and close real-estate transactions totalling €5.1 billion. Across Europe, residential and commercial real estate worth more than €3.2b was acquired for the various investment vehicles managed by Patrizia, while the sale of properties generated €1.9b. Assets under management increased from €16.6b to €18.6b by year end 2016. 

TBM Team

Recent Posts

Halma acquires safety tech firm MK Test in £44m deal

Buckinghamshire tech company Halma has acquired transport safety firm MK Test Systems Limited. Headquartered in…

3 days ago

Paragon Bank provides finance for West Sussex housing development

BRiCS Development has secured an £11.55 million finance facility with Paragon Bank’s Development Finance team…

3 days ago

IT firm Mintivo appoints new Managing Director

IT services and solutions company Mintivo has appointed Alex Jukes as its new Managing Director…

3 days ago

Bartlett Tree Experts to build new research facility in Wokingham woodland

Bartlett Tree Experts have announced its intention to build a new arboretum and research facility…

3 days ago

New £3m imaging system to be developed at University of Surrey

The creation of a first-of-its-kind imaging system at the University of Surrey could help the…

3 days ago

New chair of trustees at Open Sight Hampshire

Open Sight, which provides support across Hampshire to those living with or at risk of…

3 days ago