HAMBURG (dpa-AFX) - TAG Immobilien made a loss in the first half of the year. The bottom line was a loss of 304.7 million euros due to a devaluation of the real estate portfolio, the MDax group announced in Düsseldorf on Monday. A year earlier, TAG Immobilien had reported a profit of 301.8 million euros.

Meanwhile, the real estate group benefited from strong demand for residential space. Net rent increased by almost three percent year-on-year to 174.1 million euros in the first six months. Rents in Germany rose by 2.1 percent on a like-for-like basis and including vacancy reduction. However, earnings were depressed above all by higher financing costs. Operating profit (FFO 1) fell by a good seven percent year-on-year to 89.1 million euros. The company confirmed its targets for the year./mne/nas