Berlin, 12 May 2017 – ACCENTRO Real Estate AG (ISIN: DE000A0KFKB3), Germany’s only listed company for housing privatisations, has kept up the pace of its 2016 banner year. Compared to the prior-year period, the company increased its consolidated income to 3.0 million euros in Q1 2017 (Q1 2016: 2.6 million euros). Consolidated revenues totalled 20.8 million euros and thus maintained the level of the prior-year quarter. “We remain committed to our growth trajectory, and are steadily expanding our privatisation assets,” said Jacopo Mingazzini, the CEO of ACCENTRO Real Estate AG. As at 31 December 2016, ACCENTRO AG held a total of 2,422 flats in its current assets. This year to date, another 911 residential units have already been added.
Setting up a Trading Portfolio in Leipzig
Setup of a trading portfolio in Leipzig is now under way. During the first quarter of 2017 alone, ACCENTRO AG acquired 333 residential units in the Leipzig region. “For years, Leipzig has been one of the top-ten cities in our Condominium Report,” said Mingazzini. The city has been experiencing steady growth, and a positive demographic trend lately. “Leipzig counts among the most interesting swarm cities in Germany,” explained Mingazzini. Meanwhile, Berlin remains the company’s lead market. All of the key fundamentals, such as population, economic development of the city (GDP, unemployment rate) are outperforming. “Berlin is Germany’s largest and most liquid market for residential real estate, while the homeownership rate remains very low at around 16 percent. This represents an excellent outlook for long-term growth, and our position on the home market is superb,” elaborated Mingazzini. For the first time, ACCENTRO has begun to sell new-build flats, marketing high-end flats at Flughafenstrasse 69 in the borough of Neukölln. ACCENTRO is also selling 27 sophisticated new attic apartments in Friedrichshain-Kreuzberg, along with 145 existing flats.
Forecast for the 2017 Financial Year Upheld
The strategy of ACCENTRO remains in place. “Q1 2017 proved to be a quarter with rather tidy figures, and it has strengthened our resolve to keep pursuing the chosen course,” said Mingazzini. “The selective acquisition of flats in other metro regions as well as collaborative ventures with property developers represent major cornerstones for the company’s development going forward,” Mingazzini added. The Management Board of ACCENTRO Real Estate AG has upheld its forecast of 34 to 36 million euros in earnings before interest and taxes for the year 2017. The complete quarterly report for the first three months of the 2017 financial year is available for download at www.accentro.ag/investor-relations/finanzberichte in English and German.
About ACCENTRO Real Estate AG
ACCENTRO Real Estate AG is a listed residential property company. Its core business consists of tenant-sensitive housing privatisations. The company's subsidiary ACCENTRO GmbH is the market leader for housing privatisation services in Germany. In addition to Berlin, current project and property locations include Leipzig, Hanover, Hamburg and – since July 2017 – Cologne.
ACCENTRO Real Estate AG has its registered office in Berlin and is listed on the Prime Standard of the Frankfurt Stock Exchange (German securities code number [WKN]: A0KFKB).
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