Berlin, 03 May 2019 – The Berlin-based property company ACCENTRO Real Estate AG (WKN: A0KFKB, ISIN: DE000A0KFKB3) is on track for a successful 2019 financial year after completing the first quarter with a robust performance. Apartment retailing of more than 290 units with a planned revenue total of EUR 106.4 million and a contribution of over EUR 35 million to operating income from sales will kick off before July 2019. ACCENTRO reaffirmed its forecast for the ongoing financial year and plans to bolster its market leadership as Germany’s largest housing privatisation group.
ACCENTRO Moves Forward with Expansion outside Berlin
“We have successfully moved forward with our expansion, including outside Berlin,” said Mingazzini. Acquisitions involved properties in Hamburg, Leipzig, on the island of Usedom, in Ratingen near Düsseldorf as well as in Berlin. “We thus believe that ACCENTRO Real Estate AG is heading in the right direction and is well prepared to face the future,” said Mingazzini.
The total assets increased by EUR 13.0 million since the balance sheet date of 31 December 2018, climbing to a sum total of EUR 487.2 million. The privatisation portfolio grew by 5.6% to EUR 364.5 million and includes hidden reserves worth EUR 118 million as of 31 December 2018, based on an appraisal by a third-party surveyor. During the reporting period, the shareholders’ equity of the ACCENTRO Group rose from EUR 199.1 million as of 31 December 2018 to EUR 199.5 million by 31 March 2019.
The consolidated revenues added up to EUR 14.8 million by the end of the first three-month period of the 2019 financial year. Moreover, sale and purchase agreements in a volume of c. EUR 30 million had been concluded but not yet finalised as of 25 April 2019.
The complete quarterly report for the first three months of the 2019 financial year is available for download at https://www.accentro.ag/en/investor-relations/publications/financial-reports/.
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, Rhine-Main 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 of the Frankfurt Stock Exchange (German securities code number WKN: A0KFKB, ISIN: DE000A0KFKB3).
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