Targeted, moderate investments boost operating result

In 2019, TAG invested around EUR 100.0 million in the maintenance and modernization of its portfolio – about half each in single unit and property based programmes. Each year, TAG modernises approx. 1,000 to 1,500 vacant apartments. The modernisation measures ensure long-term lets, contribute to dynamic rental growth, and thereby increase the value of the portfolio even without large-scale investment programs.

Total portfolio

In EUR millions 2019 2018 2017 2016
Maintenance 33.3 34.3 29.1 25.0
Capex 66.7 58.1 42.8 46.5
Total 100.0 92.4 71.9 71.5

Residential units

In EUR/sqm 2019 2018 2017 2016
Maintenance 6.82 7.11 6.24 5.41
Capex 13.63 12.13 8.88 10.00
Total 20.45 19.24 15.12 15.41

as of 12/31/2019