Netherlands-based ING Real Estate has reported pre-tax profits of EUR 154 mln in the third quarter of 2006, a rise of 77% over the same period in 2005.
Netherlands-based ING Real Estate has reported pre-tax profits of EUR 154 mln in the third quarter of 2006, a rise of 77% over the same period in 2005.
The company's Development division reported a profit of EUR 35 mln in the third quarter, a significant improvement over the same period last year when it made a loss of EUR 37 mln. The Q3 profit was supported by high results on the sale of finished projects, including The New York Times Tower in the US.
Pre-tax profits from the Investment Management division increased 38.1% to EUR 29 mln. Assets under management grew by EUR 12.1 bn to EUR 54.8 bn. In the Real Estate Finance division, pre-tax profits rose 6.7% to EUR 48 mln, supported by growth of the portfolio to EUR 21.7 bn, an increase of EUR 2.9 bn. ING Real Estate is part of the ING Group and has offices in 18 countries worldwide.
