PATRIZIA has blamed “market uncertainty, high inflation and rising financial costs” for a 48% fall in its EBITDA to €28.4m in the first half of 2023, down from €54.5m in the in H1 2022.
Its fee income fell 6% year on year to €151.8m, from €161.6m in H1 2022, and its assets under management fell 2.1% in value to €57.9bn from € 59.1bn on 31 December 2022
Asoka Wöhrmann, CEO of PATRIZIA, said: “The market environment overall remains challenging, but PATRIZIA’s well diversified platform offers opportunities for clients to invest in the sectors we have high conviction in, which are those addressing the global mega-trends of demographic change, digitalisation, urbanisation and decarbonisation. I am excited about driving forward the company’s next development phase and to delivering shareholder value.
“We will strengthen and diversify our German business and we will scale our investment offering globally. To help achieve this, we leverage the vast synergies between real estate and infrastructure to create even more value for our growing network of international clients and for our stakeholders.”
Christoph Glaser, CFO of PATRIZIA SE, added: “We continue to operate in a tough market environment affecting revenue generation in transaction-related fees. Nevertheless, we benefit from the stream of stable and recurring management fees as the solid basis of PATRIZIA’s platform.
“To preserve AUM and recurring management fees, the active management of the current assets for the benefit of our clients is more important than ever. Furthermore, the effective management of our operating cost base has the utmost priority. At the same time, we will continue to support selected growth initiatives.”
