DGAP-News

InCity Immobilien AG: INCITY'S ON TARGET IN THE FIRST HALF OF 2022 AND IMPROVES GROUP RESULT - Seite 2

As of 30 June 2022, the InCity Group’s property portfolio comprised seven properties in total, five residential and commercial buildings and two office properties in Berlin and Frankfurt am Main. This means that the number of properties in the property portfolio has remained unchanged since the balance sheet date on 31 December 2021. The properties’ HGB carrying amount totalled EUR 151 m as of the reporting date on 30 June 2022. The decrease compared to 31 December 2021 (EUR 152 m) is due to the regular depreciation and amortisation in the course of accounting according to the German Commercial Code (HGB), which does not reflect the current development of market values. 

Successful start of expansion of own project development activities and move of registered office to Berlin-Schönefeld 

In addition to ongoing property and facility management for the property portfolio, the resumption of own project management and development activities in the prior year represented another focus of InCity AG’s business activities in the first half of 2022. The current priority is the construction of a new office building in Berlin-Schönefeld, in the immediate vicinity of the Berlin-Brandenburg (BER) airport, which InCity was commissioned with as a general contractor in the past year. However, the earnings contribution according to HGB accounting, i.e. the margin as a general contractor, will not be recorded until the new office building is completed – in 2023 – in the form of an initial partial statement of account. The further settlement of accounts will take place successively in parallel to ongoing rentals and the according expansion of the rented areas. 

As the property portfolio already showed a trend towards concentrating in Berlin in recent years and six of seven properties held by InCity are currently located in the German federal capital, the resumption of own project development activities was coupled with another move of InCity’s business activities to Berlin-Brandenburg. In view of the above, the ordinary Annual General Meeting of InCity Immobilien AG resolved on 31 August 2022, based on a proposal by the Management Board, to move the registered office of the company and the registered offices of many of its subsidiaries from Frankfurt am Main to Berlin-Schönefeld.