Berlin, May 12, 2017 – ACCENTRO Real Estate AG (ISIN: DE000A0KFKB3), the only publicly traded company specializing in residential privatization, is building on its record results from fiscal year 2016. Consolidated net income for the first quarter of 2017 increased to 3.0 million euros compared to the same period last year (Q1/2016: 2.6 million euros). Consolidated revenue remained stable at 20.8 million euros, on par with the same quarter of the previous year. “We remain committed to growth and are continuously expanding our privatization portfolio,” says Jacopo Mingazzini, CEO of ACCENTRO Real Estate AG. As of December 31, 2016, ACCENTRO had a total of 2,422 apartments in its current assets. So far in the current fiscal year, an additional 911 residential units have already been added.
Building the Leipzig Retail Portfolio
In Leipzig, the company has begun building a retail portfolio. In the first quarter of 2017 alone, ACCENTRO acquired 333 residential units in the Leipzig area. “Leipzig has been one of the top ten locations in our Residential Property Report for years,” says Mingazzini. The city is experiencing continuous economic growth and positive demographic trends. “Leipzig is one of Germany’s most attractive cities for new residents,” explains Mingazzini. Berlin remains the company’s most important market. All key fundamentals—such as population size and the city’s economic performance (GDP, unemployment rate)—are showing excellent growth. “Berlin is Germany’s largest and most liquid residential real estate market, and the homeownership rate remains very low at around 16 percent. These are excellent prospects for long-term growth, and our market position in our home market is outstanding,” explains Mingazzini. ACCENTRO has begun selling new-construction apartments for the first time and is marketing high-quality apartments at Flughafenstraße 69 in the Neukölln district. In Friedrichshain-Kreuzberg, ACCENTRO is also selling 27 upscale new-construction penthouse apartments as well as 145 existing apartments.
Forecast for Fiscal Year 2017 Confirmed
ACCENTRO’s strategy remains unchanged. “The first-quarter figures are encouraging and reinforce our commitment to continuing on our current course,” says Mingazzini. “The selective acquisition of apartments in other metropolitan regions, as well as partnerships with project developers, are key cornerstones for the company’s continued development,” adds Mingazzini. For 2017, the Executive Board of ACCENTRO Real Estate AG is maintaining its forecast of earnings before interest and taxes (EBIT) of 34 to 36 million euros.
About ACCENTRO Real Estate AG
ACCENTRO Real Estate AG is a residential real estate investor and the market leader in apartment privatization in Germany. As of December 31, 2020, its real estate portfolio comprised approximately 5,200 units. In addition to Berlin, its regional focus includes major East German cities and metropolitan areas, as well as the Rhine-Ruhr metropolitan region and Bavaria. ACCENTRO’s business activities encompass four core areas. These include the sale of apartments to owner-occupiers and private investors at rent-like prices, the sale of real estate portfolios to institutional investors, the development and management of its own real estate portfolio, and the marketing of apartments for property owners, investors, and project developers. The shares of ACCENTRO Real Estate AG are listed on the Prime Standard of the Frankfurt Stock Exchange (WKN: A0KFKB, ISIN: DE000A0KFKB3). investors.accentro.de
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