Berlin, March 10, 2017 – ACCENTRO Real Estate AG (WKN: A0KFKB, ISIN: DE000A0KFKB3), Berlin, reported consolidated net income of EUR 26.5 million for fiscal year 2016, significantly exceeding its original profit forecast. This marks the best consolidated net income in ACCENTRO’s history. Revenue in the privatization segment, the company’s core business, more than tripled to EUR 125.1 million (previous year: EUR 39.5 million). “The significant increases in revenue and earnings during the reporting period show that focusing on residential privatization was the right move. Given this strong performance, we will propose to the Annual Shareholders’ Meeting that a dividend be paid for the 2016 fiscal year for the first time,” says Jacopo Mingazzini, CEO of ACCENTRO Real Estate AG. Subject to shareholder approval, the company intends to pay a dividend of EUR 0.15 for the 2016 fiscal year. Based on the year-end share price, this corresponds to a dividend yield of approximately two percent.
Further Growth Expected in Fiscal Year 2017
With a total of 1,765 residential units acquired and registered—1,292 of which are in Berlin—ACCENTRO increased its acquisition volume by approximately 58 percent compared to the previous year. “The newly acquired apartments lay the foundation for further growth,” says Mingazzini. For fiscal year 2017, the Executive Board expects further revenue and EBIT growth. Earnings before interest and taxes for 2017 are projected to range from EUR 34 million to EUR 36 million. Berlin will remain the primary market. “For the current year, we plan to continue expanding in Berlin as well as in other metropolitan regions of Germany,” explains Mingazzini. By building its own investment portfolio outside Berlin, the ACCENTRO Group will further strengthen its position as a reliable partner in tenant-oriented housing privatization beyond the capital. “We will not only privatize our own properties but also apartments owned by third parties,” explains Mingazzini.
First publicly traded company focused on residential real estate trading
The 2016 fiscal year was marked in particular by the final consolidation of a large portion of the existing real estate portfolio. “The divestiture of the existing portfolio allows us to focus fully on residential real estate trading,” says Mingazzini. “This makes us the first publicly traded residential privatization company in Germany to focus on the sale of condominiums to a broad cross-section of the population,” says Mingazzini.
About ACCENTRO Real Estate AG
ACCENTRO Real Estate AG is a residential real estate investor and the market leader in housing 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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Thomas Eisenlohr
ACCENTRO Real Estate AG
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