Real estate firm Homburg Invest Inc. of Halifax announced it lost $3.5 million during the first quarter and its quarterly revenues dropped from last year.
Homburg Invest Inc., a Halifax commercial real estate firm, announced this week its quarterly revenues dropped, from $35.6 million in the three months ending March 31, 2010, to $32.3 million during the first quarter of 2011.
The firm attributed the much of the decrease to the currency fluctuation of the Euro versus the Canadian dollar.
Homburg recorded a loss of $3.5 million for the quarter. It owns office, retail, industrial and development properties in the U.S. and Europe, as well as 23.1 per cent of the units of Homburg Canada Real Estate Investment Trust.
DCN DIGITAL MEDIA