ADLER TAKEOVER BOOSTS THE RESULT
The investment volume with larger residential portfolios (30 residential units and more) amounted to a good €9.3 billion in the first quarter of 2020, more than double the figure for the same period of the previous year. The long-term average of around €5 billion was also exceeded by far. An even better start to the year was only recorded in 2015, driven by the purchase of Gagfah. In the first quarter of 2020, the outstanding result is yet again largely due a specific major deal. In fact, the acquisition of Adler Real Estate by ADO Properties contributed significantly more than half to the result. However, two factors should be positively emphasized: On the one hand, in most of the previous years there were also several mega-transactions, which had a significant impact on the result, such as for example the purchase of Gagfah in Q1 2015 and the takeover of Austrian Buwog in Q1 2017. On the other hand, it should also be noted that the beginning of the year can be considered as a good start even without taking into account the volume of the Adler takeover. This is also confirmed by the number of transactions, which at over 120 is significantly higher than in previous years.
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