TAG Immobilien AG Reports Stable Rental Income and Growth in H1 2024

TAG Immobilien AG has announced stable rental results and increased sales in the first half of 2024. Rental income remained steady at EUR 88.1 million, closely matching last year’s EUR 89.1 million.

German rental growth rose to 2.7%, while the sales performance in Poland surged to EUR 34.1 million, up from EUR 23.2 million in H1 2023. Despite a 2.7% depreciation in the German real estate portfolio, the company anticipates no further significant adjustments.

Additionally, the sales in Germany totaled approximately 880 units, expected to yield net cash proceeds of EUR 66.2 million. TAG’s financial metrics, including a Loan-to-Value (LTV) ratio reduced to 46.6%, remain robust, supported by Moody’s and S&P Global ratings.

Claudia Hoyer, COO and Co-CEO, expressed satisfaction with the year’s operational performance, affirming the annual guidance. The company’s focus includes expanding its rental portfolio in Poland, targeting 10,000 units by 2028.