PATRIZIA H1 2024 Financial Results: Slight Improvement Amidst Market Volatility

PATRIZIA Immobilien AG reported its H1 2024 financial results indicating continued challenges due to market volatility. EBITDA declined by 32.4% year-over-year to EUR 19.2 million, primarily due to lower performance fees. However, there was a slight improvement in operating expenses which decreased by 1.8% to EUR 130.7 million.

The firm's assets under management (AUM) stood at EUR 56.0 billion, a 2.1% decrease from FY 2023. Management fees fell by 4.2% to EUR 115.5 million. Despite these challenges, transaction fees saw a 19.5% increase to EUR 4.9 million, while equity raised for future investments surged by 82.6% to EUR 387.3 million.

PATRIZIA aims to grow its AUM to EUR 100 billion by 2030, focusing on key growth areas such as Living, Value-add Strategies, and European Infrastructure. The company has also formed a new Group Executive Committee to drive this strategy forward.

CEO Asoka Wöhrmann expressed cautious optimism for the full year, emphasizing cost control and client engagement. CFO Martin Praum highlighted the impact of market conditions but noted positive effects from cost measures.