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Q1 2016: Hispania Multiplies Profits By 18x To €11.2M

11 May 2016 – Valencia Plaza

Hispania Activos Inmobiliarios generated net profits of €11.2 million during the first quarter of the year, which represents a 1.753% increase on the figure recorded during the same period last year, according to a report submitted by the company to Spain’s National Securities Market Commission (CNMV).

At the end of March, the Socimi in which George Soros holds a stake, recorded revenues from rental income amounting to €29.7 million, which represents a 69.2% increase compared with Q4 2015 and a 465% increase with respect to the same period last year.

The company’s gross operating profit (EBITDA) amounted to €19.22 million at the end of March, up by 1.177% compared with the first quarter last year.

At the end of the first quarter, Hispania Activos Inmobiliarios owned a portfolio containing 60 assets with a gross value of €1,463.3 million.

In terms of the company’s marketing activity, the average occupancy rate of its office portfolio amounted to 81% at the end of March.

In terms of investments in renovation work during the first quarter of 2016, Hispania invested €7.2 million to reposition certain properties. At the end of the first quarter, the group’s total cumulative investment, since it debuted on the stock exchange, amounted to €1,334.9 million.

In addition, the Socimi obtained financing worth €62.5 million during the quarter, which increased the group’s total financial debt to €629.4 million.

Original story: Valencia Plaza

Translation: Carmel Drake