Berlin, 29 May 2020 – ACCENTRO Real Estate AG (WKN: A0KFKB, ISIN: DE000A0KFKB3) is on track for a successful 2020 financial year after completing the first quarter with a sound performance. The Berlin-based property company achieved excellent acquisition and sales results. Overall, it sold EUR 26.6 million worth of flats, thereof nearly EUR 19 million from its own portfolio and EUR 7.6 million as service provider on behalf of third parties. Worth mentioning is that another 106 flats have already been sold and notarised that account for additional revenues totalling c. EUR 31 million. For these, it has not been possible yet to complete the transfer of benefits and burdens because land registries have been closed due to the COVID-19 pandemic.
Residential Property Acquisitions Significantly Expanded
In addition to its outstanding sales figures, ACCENTRO successfully acquired new real estate. During the first three months of 2020, the company acquired 403 residential and commercial units with a combined usable area of 24,000 square metres in Berlin, Potsdam and in the greater Leipzig area. This means that ACCENTRO Real Estate AG acquired nearly twice as many residential units in Q1 2020 than it did during the prior-year period (210 units).
EUR 250 Million Bond to Bolster Strategic Capacity to Act
ACCENTRO Real Estate AG cleared another milestone in the company’s history by floating an unsecured bond over the amount of EUR 250 million. “The bond will enable us to sustain an above-average level of activity on the residential property market, especially in uncertain times like these. Few real estate companies can take advantage of this sort of strategic freedom of action,” said Lars Schriewer, the CEO of ACCENTRO Real Estate AG.
Forecast for Year as Whole Upheld
The issuance of the new bond and the interest expense incurred by the premature repayment of the 2018/2021 bond resulted in one-off costs in the amount of c. EUR 4 million that impacted the net income of the first quarter. The consolidated income for the first quarter equalled EUR -7.9 million (2019: EUR 0.2 million). The net income is explained not least be one-off human resource costs. “The costs represent anticipated one-off items,” said Schriewer. At EUR 14.9 million, the revenue total remained virtually unchanged year on year (EUR 14.8 million). Assuming that the current constraints imposed because of the COVID-19 pandemic will gradually be phased out, ACCENTRO AG upholds its EBIT forecast for the time being.
About ACCENTRO Real Estate AG
ACCENTRO Real Estate AG is Germany’s market leader in housing privatisations. In addition to its home market of Berlin, the company focuses on auspicious metro regions such as Hamburg, Rhine-Ruhr and Leipzig. In its Privatisation business unit, ACCENTRO retails condominiums from its proprietary portfolio to owner-occupiers and buy-to-let investors or—bundled into portfolios—to institutional investors. In its Services & Ventures business unit, ACCENTRO sells apartments on behalf of investors and property developers—including through equity investments in its own right within the framework of joint ventures. ACCENTRO Real Estate AG is listed on the Prime Standard segment of the Frankfurt Stock Exchange (German securities code number WKN: A0KFKB, ISIN: DE000A0KFKB3).
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