AUGSBURG (dpa-AFX) - The real estate group Patrizia felt the effects of the poor market situation in the first quarter. Earnings before interest, taxes, depreciation and amortization fell by more than a third year-on-year to 17.3 million euros, as the SDax company announced in Augsburg on Tuesday evening. "Despite the challenging market environment, we are seeing the first signs of stabilization," said CEO Asoka Wohrmann according to the press release. He therefore believes that the Group is well on the way to achieving its annual earnings forecast of 30 to 60 million euros.

The Group's fee income fell by a good 13 percent to 72.5 million euros, mainly due to lower management fees. Meanwhile, transactions on its own platform increased by over a fifth. The majority of purchases took place in the infrastructure sector and the majority of sales in the commercial real estate sector. Assets under management fell by 2.4 percent to 56.7 billion euros due to valuation pressure./men/he