Berlin, November 6, 2019 – ACCENTRO Real EstateAG (WKN: A0KFKB, ISIN: DE000A0KFKB3), Berlin, reported solid results for the first nine months of fiscal year 2019 and reaffirmed its EBIT forecast. Consolidated revenue amounted to EUR 73.4 million; total assets increased by EUR 43.6 million compared to the balance sheet date of December 31, 2018, to EUR 517.9 million, thereby surpassing the half-billion-euro threshold for the first time. Despite reclassifications, the privatization portfolio rose by EUR 17.3 million to EUR 362.6 million. Consolidated net income was just over EUR 13 million.
During the third quarter of 2019, ACCENTRO AG decided to retain a portion of its real estate portfolio for the long term. This will primarily involve properties whose development—through the realization of new construction and renovation potential—will take several years. “The parallel development of a high-yield portfolio with appreciation potential does not alter our fundamental focus as a privatization company; it is simply a matter of capitalizing on specific opportunities. However, this will remain a minor portion of our total assets,” said Mingazzini, CEO of ACCENTRO.
As planned, the company further expanded its involvement in new construction projects in the third quarter with the acquisition of a 49% stake in a project development with the potential for 19,000 square meters of gross floor area in the Berlin metropolitan area
The interim report for the first nine months of fiscal year 2019 is available for download in German and English under “Financial Reports.”
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 cities and metropolitan areas in eastern Germany, 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 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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