Berlin, July 8, 2024 – In notices dated June 13 and 25, 2024,the Federal Financial Supervisory Authority (“BaFin”) announced that it had ordered a special audit pursuant to Section 107(1), first sentence, of the Securities Trading Act with respect to ACCENTRO Real Estate AG (“the Company”) and reported this today on its website. The audit orders relate solely to the Company’s financial reporting regarding the reversal of the acquisition of DIM Holding AG (“DIM Transaction”) in the disclosed annual and consolidated financial statements as of December 31, 2021, and December 31, 2022, as well as the related summary management reports for the fiscal years 2021 and 2022.
The reason for the order is evidence suggesting that the Company’s claim for repayment of the purchase price, including interest, amounted to EUR 15.8 million as of December 31, 2021 (December 31, 2022: EUR 16.5 million) as well as the loan extended to DIM Holding AG, including interest, in the amount of EUR 3.1 million as of December 31, 2021 (December 31, 2022: EUR 3.3 million), may have required impairment adjustments in the respective fiscal years.
As a result of the audit directives, BaFin will audit the Company’s financial statements in isolation with regard to the DIM transaction for the fiscal years 2021 and 2022. Otherwise, the 2021 and 2022 annual reports are not subject to any further audit by BaFin.
The company is in close communication with BaFin to further clarify the past events and to conduct the ad hoc audits in a constructive dialogue with the aim of reaching a mutually agreeable conclusion.
Irrespective of this, due to ongoing developments related to the enforced collection of the receivable and the significantly deteriorated situation in the real estate market, the new Executive Board had already recognized a valuation allowance of EUR 13.3 million as of September 30, 2023, which was reported in detail in the Opportunities and Risks Report (page 10 of the Q3 2023 Interim Report). The outstanding balance from the DIM transaction has therefore been recorded at only EUR 4.4 million since September 30, 2023. In this regard, the Executive Board does not anticipate any material adverse effects on 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 September 30, 2023, its real estate portfolio comprised 5,731 units with a total area of approximately 334,000 square meters. The book value of the entire portfolio amounted to approximately EUR 590 million. In addition to Berlin, its regional focus includes major cities and metropolitan areas in central Germany as well as the Rhine-Ruhr metropolitan region. ACCENTRO’s business activities encompass three core areas: the sale of apartments to private owner-occupiers and investors at market-rate prices; the sale of real estate portfolios to institutional investors; the management of its own real estate portfolio; and services for third parties. The shares of ACCENTRO Real Estate AG are listed on the Prime Standard segment of the Frankfurt Stock Exchange (WKN: A0KFKB, ISIN: DE000A0KFKB3). www.accentro.de
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