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Research update: Polis Immobilien AG November 07, 2008  Downgrading rating to Sell In the current economic environment there is potentially more downside than upside at these levels, particularly given POLIS’ high valuation and bleak operating outlook 2009e. Consequently we are downgrading our rating from ... ...Subscribe to VISCARDI Research... |
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Research update: Polis Immobilien AG August 08, 2008 The quiet performer POLIS released H1 figures in line with our estimates Rental income of €7.0mn implied 98.2% absolute and 19.8% organic growth. Given that the real estate market overall faces liquidity problems due to the lack of credit available to financial investors, this result underlined POLIS’ capability to outperform the market. With an income from current property management of... ...Subscribe to VISCARDI Research... |
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Research update: Polis Immobilien AG April 15, 2008 More sale and purchase activities A good example of Polis' value-enhancing strategy The office building at Torstrasse 15 in Stuttgart was purchased at a price of €14.9mn in February 2007. The main tenants at the time were Ellwanger & Geiger, whose rental agreement was limited to 18 months only. After they... ...Subscribe to VISCARDI Research... |
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Research update: Polis Immobilien AG November 28, 2007 Build-up of portfolio is progressing well Two items added to portfolio Polis has meanwhile acquired its eigth property in Düsseldorf, namely Immermannstr. 11. The purchase price amounted to €3.3 mn or €3,150 per square metre of office space. Dating from 1960, the office building at the ... ...Subscribe to VISCARDI Research... |
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Research update: Polis Immobilien AG November 12, 2007 Q3 broadly in line with our expectations After nine months, rental income amounted to €6.6mn and thus exactly met our expectations. Income from current property management was €5.3mn (Viscardi €5.4mn). The EBT of €4.0mn (Viscardi €4.5mn) was encumbered by revaluation losses of €0.6mn, caused by frist evaluation of property acquired in the third quarter: As in the second quarter the incidental transaction... ...Subscribe to VISCARDI Research... |
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Research update: POLIS Immobilien AG May 29, 2007 No surprises in the Q1 report The Q1 report did not harbour any surprises. Revenues from rental income totalled EUR 1.8mn in the first quarter, after EUR 1.0mn in the corresponding period of the previous year. Income from current property management came in at EUR 1.6mn, after EUR 1.0mn in Q1/06. Driven by income from... ...Subscribe to VISCARDI Research... |
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Research: POLIS Immobilien AG May 07, 2007 Initiation of Coverage POLIS is a pure commercial real estate play with a focus on office and commercial buildings in downtown locations of large German cities. Focusing on properties worth EUR5-20mn, POLIS mainly invests in ... ...Subscribe to VISCARDI Research... |