Targeted, moderate investments boost operating result
In 2023, TAG invested around EUR 125.8 million in the maintenance and modernization of its portfolio – that means around EUR 25.21 per square metre - 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 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Maintenance | 39.7 | 37.1 | 38.8 | 35.0 | 33.3 |
| Capex | 86.1 | 86.6 | 68.1 | 71.3 | 66.5 |
| Total | 125.8 | 123.7 | 106.9 | 105.4 | 99.8 |
Residential units
| In EUR/sqm | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Maintenance | 7.73 | 7.35 | 7.57 | 6.96 | 6.82 |
| Capex | 17.48 | 17.20 | 13.35 | 14.59 | 13.63 |
| Total | 25.21 | 24.55 | 20.92 | 21.55 | 20.45 |
as of 12/31/2023