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Marmorbyen buyer doubles operating profit in first half

German real estate manager Patrizia Immobilien, which snapped up the 259 apartments of Copenhagen’s waterside Marble City (Marmorbyen) residential area at the beginning of the year,  has reported huge asset growth in the first six months of 2018 after integrating two major property management firms into its organisation.

Patrizia's corporate headquarter in Augsburg, Germany. | Photo: PR.

Assets under management at the German listed property giant Patrizia Immobilien ballooned by 81% in the first six months of this year to EUR 39.6 billion — after recent manager acquisitions TRIUVA and Rockspring, as well as "organic growth”.

Operating profit for January to June rose by 106.6% from the same period last year to EUR 72.5 million, according to the firm’s interim report.

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