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PATRIZIA Immobilien 2018 Operating Income Up 72.1%

PATRIZIA Immobilien AG reported an operating income of 141.4 million euros in 2018, a 72.1% increase on the 2017 level of 82.2 million euros.

Major drivers for the strong results were organic and inorganic growth generated throughout 2018 with a strong increase in management fees, stable transaction fees ( 52.4 million euros) and very strong performance fees while cost growth remained well below the growth of total service fee income.

Assets under management (AUM) increased 87.3% YOY to EUR 41.0bn, mainly driven by the consolidation of TRIUVA and Rockspring. Compared to PATRIZIA's 2017 pro-forma AUM of EUR 38.7bn, AUM increased 6.0% YOY.

PATRIZIA expects to generate a 2019 operating income in the range of 120.0 million euros to 130.0 million euros, which, following the very strong performance fees generated in 2018, assumes a normalised level for 2019. The 2019 guidance hence implies further underlying growth in recurring management and transaction fees compared to 2018.

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