- ACCENTRO places 2.12 million new shares at a price of EUR 9.50 per share with institutional investors - Proceeds from the offering totaling approximately EUR 20 million will support further growth - The transaction strengthens the company’s capital market profile and increases the free float
Berlin, October 16, 2018. ACCENTRO Real EstateAG (WKN: A0KFKB, ISIN: DE000A0KFKB3, “ACCENTRO,” the “Company”), Berlin, a leader in residential privatization in Germany, has successfully completed its capital increase, which was resolved on October 15, 2018, through the partial utilization of existing authorized capital and with the exclusion of shareholders’ subscription rights. The gross proceeds from the offering, amounting to EUR 20.14 million, are to be invested primarily in the expansion of the privatization portfolio.
Capital Increase via Accelerated Bookbuilding
2.12 million new registered no-par value shares were placed with institutional investors as part of a private placement using an accelerated bookbuilding process. Due to high demand, the volume of the capital increase was increased compared to the resolution passed on October 15, 2018. The new shares were allocated at a placement price of EUR 9.50 per share. This represents a discount of approximately 4.2% to yesterday’s closing price of EUR 9.92 per share. The company will thus receive gross proceeds from the offering totaling EUR 20.14 million. The new shares are expected to be admitted to trading on the Frankfurt Stock Exchange on October 19, 2018, and will be entitled to dividends as of January 1, 2018.
Continued Growth Trajectory
The proceeds from the offering will support the company’s growth trajectory. Jacopo Mingazzini, CEO of ACCENTRO, comments: “We have grown significantly in recent years and intend to further expand our position in the promising market for residential privatizations in Germany. We plan to use the proceeds from the capital increase to finance our next phase of growth. In addition, this transaction will significantly increase the free float on the stock exchange, thereby further enhancing the attractiveness of our stock for domestic and foreign investors.”
ACCENTRO plans to use the proceeds from the capital increase primarily to acquire residential properties in promising growth regions of Germany, thereby further expanding its privatization portfolio. Since June 30, 2018, an additional 336 residential units—primarily in Berlin and Leipzig—have been notarized, with their economic transfer scheduled for the fourth quarter of 2018. In addition, ACCENTRO is currently evaluating opportunities to acquire over 1,200 apartments in attractive locations.
Capital Market Profile
Following its acquisition by Brookline, ACCENTRO has begun to actively cultivate its capital market profile and is committed to engaging with investors. The equity offering enables the company and its shareholder base to become more widely held. As a result of the offering, the free float has increased to approximately 12.1%, thereby improving the trading liquidity of the company’s shares.
The transaction was managed by Baader Bank Aktiengesellschaft and Quirin Privatbank AG as joint bookrunners. VICTORIAPARTNERS acted as financial advisor to the company.
About ACCENTRO Real Estate AG
ACCENTRO Real Estate AG is a residential real estate investor and the market leader in residential 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 market-rate rents, the sale of real estate portfolios to institutional investors, the development and management of its own real estate portfolio, and the marketing of apartments on behalf of 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
Contact for Press and Public Relations
Jan Hutterer
Kirchhoff Consult AG
Borselstraße 20
22765 Hamburg
Email: accentro@kirchhoff.de
+49 (0)40 – 609 186 65
Investor Relations Contact:
Thomas Eisenlohr
ACCENTRO Real Estate AG
Kantstraße 44/45
10625 Berlin
Email: eisenlohr@accentro.de
Phone: +49 (0)30 88 71 81 272