HAMBURG (dpa-AFX) - Continued high demand for housing gave TAG Immobilien a boost in the first quarter. Despite real estate sales in Germany, operating profit (FFO 1) rose by just under one percent year-on-year to 44.9 million euros, as the MDax-listed company announced on Thursday in Hamburg. Higher rental income in Germany contributed most to the increase. Net rental income rose by 3.6 percent overall to 92 million euros.
The bottom line was a good quarter less profit at 39 million euros. The company attributed this primarily to lower sales in Poland. The residential real estate group confirmed its targets for 2025 as a whole. /mne/stk
