Berlin, August 13, 2020 – ACCENTRO Real EstateAG , Germany’s leading residential privatization company, today published its half-year results for fiscal year 2020. In its core segment of residential privatization, the company achieved a sales volume of EUR 45.6 million—on par with the previous year (prev. year: 46.4 million)—despite the COVID-19 pandemic. As expected, the decline in the volume of apartments sold during the lockdown was offset, among other things, by the sale of higher-priced properties in upscale locations.
Revenue at ACCENTRO Real Estate AG came in at EUR 37.4 million, slightly above the prior-year figure (prior year: 34.5 million). This figure does not include purchase agreements with a total volume of EUR 27.1 million for which the transfer of title has not yet taken place, partly due to COVID-19-related bottlenecks at the land registry offices. Earnings before interest and taxes (EBIT) were lower at EUR 1.2 million (previous year: 6.6 million). The earnings trend was also influenced by one-time effects totaling EUR 5.4 million.
Lars Schriewer, CEO of ACCENTRO Real Estate AG, is confident about the coming months: “The consistently high interest in our apartments, as well as the recent uptick in the number of completed sales, are positive signs and make us optimistic that we can achieve our goals for this year. Including the properties that will go on sale in the second half of the year, our company’s sales volume amounts to more than half a billion euros (526 million). Our pipeline is therefore well-stocked, and we will gain significant momentum in the second half of the year.” Even assuming that the COVID-19 crisis continues to ease over the course of the year, the company confirms its full-year forecast of a slight increase in revenue and earnings before interest and taxes (EBIT) at the previous year’s level. This forecast is based on a further increase in the number of individual privatizations as well as several block sales to institutional investors.
As a result of further acquisitions, the portfolio of real estate holdings increased in the first half of the year to EUR 470.4 million (Dec. 31, 2019: 416.6 million). As of June 30, 2020, hidden reserves amounted to EUR 150 million.
The company considers itself well-positioned for the further expansion of its real estate portfolio. Lars Schriewer: “We regularly evaluate the acquisition of apartments with appreciation potential for our clients in attractive locations. Our broad network and strong liquidity provide the necessary foundation for this.”
The half-year financial report for fiscal year 2020 is available for download in German and English.
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 tenant-oriented sale of apartments to owner-occupiers and private investors, 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 portfolio holders, 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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