Berlin, 13 August 2020 – ACCENTRO Real Estate AG, Germany’s leading housing privatisation company, published its six-month results for the 2020 financial year today. Despite the coronavirus pandemic, the company realised a sales volume of EUR 45.6 million in its core segment, which is housing privatisation, matching the prior-year level (prev. year: EUR 46.4 million). This was achieved by compensating for the predictable contraction in condominium sales during the corona-related lockdown by selling higher-priced units in up-market locations, among other countermeasures.
At EUR 37.4 million, the revenues of ACCENTRO Real Estate AG slightly exceeded the prior-year figure (prev. year: EUR 34.5 million). This does not even take into account sale and purchase agreements in an aggregate volume of EUR 27.1 million whose transfers of benefits and burdens have been delayed among other things by corona-related bottlenecks at the land registries. Earnings before interest and tax (EBIT) took a dip at EUR 1.2 million (prev. year: EUR 6.6 million). The earnings performance is also explained by one-off effects in the amount of EUR 5.4 million.
Lars Schriewer, CEO of ACCENTRO Real Estate AG, faces the coming months with confidence: “The persistently strong interest in our flats, and the recently resurgent number of sales closed are a positive signal, and make us optimistic about achieving the targets we set ourselves this year. When including the units that we will put on the market during the second half-year, our company’s sales volume adds up to more than half a billion euros (EUR 526 million). Our pipeline is well filled therefore, and our business will gather significant momentum during the second half of this year.”
Assuming not least that the coronavirus crisis will ease as the year progresses, the company reaffirmed its forecast of a modest growth in revenues, and of earnings before interest and taxes (EBIT) that match the prior-year level. In this context, it expects the number of apartment retail sales to keep going up while also expecting a few block sales to institutional investors.
Further acquisitions increased the stock of inventory properties to EUR 470.4 million by mid-year (31/12/2019: EUR 416.6 million). As at balance sheet date of 30 June 2020, the hidden reserves amounted to EUR 150 million.
The company considers itself well-positioned for the further expansion of its real estate portfolio. Lars Schriewer commented: “We regularly review options to acquire flats with capital appreciation potential in attractive locations on behalf of our clients. Our broad-based network and our robust liquidity provide us with the necessary basis for doing so.”
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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