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CA Immo could quadruple its dividend in the first half of the year

CA Immo could quadruple its dividend in the first half of the year

Listed CA Immo managed to nearly quadruple its semi-annual dividend, thanks mainly to a significantly better revaluation result. It increased during the year from 44.7 million euros to 171.3 million euros after the valuation result turned positive from 27.0 million euros to 195.3 million euros. Rental income grew slightly from €118.1 million to €119.9 million, while FFO I remained roughly the same at €68.5 million.

CA Immo did not provide a forecast for the headline cash generation FFO figure of 1 (excluding sales and pre-tax) for the full year 2021 Wednesday evening. After the first quarter it was said that at least 128 million euros will be targeted for this year and at least 140 million euros for next year. In 2020, it was just under 134 million euros.

The operating result (EBITDA) as of June was €114.9 million, up 27 percent from the previous year. The value of real estate assets grew 5 percent to 5.87 billion euros compared to the end of 2020, the company announced, and the intrinsic value of EPRA-NTA increased to 41.54 euros (40.09) per share.

Expectations are that the real estate investment situation has improved considerably since the third quarter of 2020, in parallel with the trends of economic recovery – but the short and long-term economic effects of the Covid 19 pandemic on real estate markets remain uncertain. It should ensure continued strategic rotation of capital in CA Immo or increase the attractiveness and sustainability of the real estate portfolio.

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Leases for approximately 70,000 square meters of existing space have been entered into or extended by June, and 48,000 square meters have been leased in the development of the project. However, the group’s rental rate decreased from 94.8 to 90.7 percent, mainly due to lower occupancy in Hungary and tenant exit in Serbia.

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Of the most recent €5.87 billion in real estate assets, 56 per cent were in Germany, 10 per cent in Poland, about 9 per cent each in Austria and Hungary, 8 per cent in the Czech Republic, about 7 per cent in Romania, and 1 Percent is good in Serbia. The recently leased area amounted to 1.338 million square meters. 392,000 m 2 of which are in Germany, 214,000 m 2 in Hungary and 196,000 m 2 in Austria

CA Immo is the majority owner of 57 percent of SOF-11 Klimt CAI S.à rl (Luxembourg), a company managed by American financial investor Starwood Capital Group, 38 percent in free trade, and 5 percent of the shares are owned by CA Immo itself.