PATRIZIA Reports Mixed 9M 2024 Financial Results Amid Market Challenges

PATRIZIA Immobilien AG released its 9M 2024 financial results, indicating mixed outcomes due to extraordinary items and a still subdued market environment. Despite this, market sentiment shows signs of improvement. Equity raised from clients for real asset investments saw an increase of 168% year-over-year, reaching over EUR 0.7bn, reflecting stronger client interest.

Assets under Management (AUM) reflected a slight decrease, down 2.3% to EUR 55.9bn, mainly attributed to valuation effects. However, closed acquisitions partly offset the decline with a positive net effect. Total service fee income fell by 13% to EUR 198.7m, with management and performance fees contributing to the decline.

PATRIZIA’s EBITDA was significantly impacted, decreasing to EUR 13.4m from EUR 50.2m in 9M 2023, largely due to negative results from temporarily consolidated investments and extraordinary items. Nonetheless, the company maintains a strong balance sheet and confirms its FY 2024 EBITDA guidance range.