Platzer reaping rewards of growth strategy focused on development projects: Our best quarter to date.
Rental income increased to SEK 429 million (394)
Income from property management improved by 22% to SEK 195 million
Profit for the period amounted to SEK 391 million (190)
Property portfolio increased in value to SEK 9,491 million (8,343)
Net Asset Value (NAV) per share was SEK 36.40 (33.07)
Earnings per share amounted to SEK 4.08 (1.98)
Gamlestadens Fabriker was acquired at a cost of SEK 750 million
The new construction project Gårda 3:14 was completed
An application was submitted for detailed planning decision on 250,000 sq m project in Norra Högsbo
The property portfolio in Södra Högsbo was sold
Platzer's CEO, P-G Persson, comments:
“Platzer is performing well. So well, in fact, that the third quarter was our best quarter ever. All value-creating areas – day-to-day administration, transactions and development – contributed to the positive result. The operating surplus in the first nine months increased by 8% and income from property management increased by 22%, despite the fact that we vacated some properties in anticipation of good solutions in the long term. Gains in property values increased by 30% compared with the same period last year, mostly due to lower market yields. In all, this corresponded to annual increase in our Net Asset Value (NAV) per share by over 15%.”
“Two years ago we actively changed our growth strategy: from growing through acquisitions towards generating the majority of our growth by actively running development projects. In hindsight, this was the correct strategic choice. All of our larger projects have developed better than planned and our urban development projects in general are at a good stage for the preparation of new zoning plans.”
Platzer Fastigheter Holding AB (publ)
For further information, please contact:
P-G Persson, CEO, +46 (0)734 11 12 22
Lennart Ekelund, CFO, +46 (0)703 98 47 87
The information is of such a nature that Platzer Fastigheter Holding AB (publ) is legally obliged to disclose in accordance with the Swedish Securities Market Act and/or Swedish Financial Instruments Trading Act. The information was submitted for publication at 10:00 on 3 November 2015.
Platzer Fastigheter Holding AB (publ) owns and develops commercial properties in the Gothenburg area comprising a total lettable area of around 465,000 sq m and with a value of SEK 10 billion. Platzer is listed on NASDAQ OMX Stockholm, Mid Cap.