In the third quarter of 2024, the portfolio of KEDIPES, a company specialising in asset management, increased by €90.4 million.

Compared with the second quarter of 2024, performance fell by 19.0%. On a year-on-year basis, the decrease was 3.6%.

On the other hand, the total cash inflow for the first 9 months of 2024 was € 346 million. KEDIPES' cumulative cash inflows since inception (9 January 2018 to 30 September 2024) amounted to €2.45 billion. Operating and asset management expenses totalled €24.1 million in the third quarter of 2024, down 12.4% from €27.5 million in the second quarter and down 9% year-on-year. This compares to € 26.5 million spent on operating expenses in the third quarter of 2023.

Annualised income from credit and property management in 2024 is € 2,318 million

2,318 million, or 28% of the nominal value of the loan and property portfolio of EUR 9,051 million as at 9 January 2018.

Strong buyer interest contributed significantly to the doValue campaign to promote medium-liquidity properties.

Total proceeds from the sale of properties through this campaign amounted to EUR 123.6 million in the third quarter of 2024, compared to EUR 185.8 million in the second quarter of 2024 and EUR 139.9 million in the third quarter of 2024.

The cumulative cash inflows from the inception of KEDIPES to the third quarter of 2024 totalled € 4,325 million or 58.7% of the original loan balance of € 737.1 million.

Assets at the end of the third quarter of 2024 increased to €6,299 million. This included € 174 million in cash, € 392 million in real estate and € 665 million in serviced loans.

The cumulative gearing from the start of operations to the third quarter of 2024 was 23.0%. Excluding interest capitalisation, total gearing since the start of operations was 43.0%.