HAMBURG (dpa-AFX) - TAG Immobilien felt the effects of the increased financing conditions last year. The bottom line for 2023 was a loss of almost 411 million euros, the company announced in Hamburg on Tuesday. A year earlier, a profit of a good 117 million euros had been achieved. In order to reduce its debt, TAG sold almost 1,400 apartments in Germany last year. In addition, the German portfolio was written down by 11.6 percent to reflect the current difficult environment for real estate sales.

The operating profit (FFO 1) fell by a good 9 percent to EUR 171.7 million in 2023. The company thus met the targets it had set itself in its day-to-day business.

The management confirmed the targets for 2024 already published in mid-November. Accordingly, the operating profit should be between 170 and 174 million euros. As also already announced, TAG does not intend to pay a dividend for 2023./lew/mis