Berlin, May 29, 2020 – ACCENTRO Real Estate AG (WKN: A0KFKB, ISIN: DE000A0KFKB3) set the stage for a successful 2020 fiscal year in the first quarter of 2020. As a result, the company achieved very strong sales and acquisition figures. In total, apartments were sold for 26.6 million euros, of which nearly 19 million came from the company’s own portfolio and 7.6 million were sold as a service provider. In addition, there are currently another 106 apartments that have already been sold and notarized, representing an additional revenue of approximately 31 million euros. The transfers of title for these properties have not yet been completed, as land registries have limited operational capacity due to COVID-19.
Significant Expansion of Apartment Acquisitions
In addition to the very strong sales figures, ACCENTRO was also able to step up its acquisitions. In the first three months of 2020, 403 residential and commercial units with 24,000 square meters of usable space were acquired in Berlin, Potsdam, and the Leipzig area. This means that ACCENTRO Real Estate AG acquired nearly twice as many residential units in the first quarter of 2020 as in the same period of the previous year (210 units).
250 Million Euro Bond Provides Strategic Flexibility
ACCENTRO Real Estate AG has reached a new milestone in its corporate history with an unsecured bond worth 250 million euros. “The bond gives us the opportunity to remain exceptionally active in the residential market, especially in these uncertain times. Few companies have this level of strategic flexibility,” says Lars Schriewer, CEO of ACCENTRO Real Estate AG.
Maintaining Full-Year Forecast
One-time costs of approximately 4 million euros were incurred in connection with the bond issuance and the interest expense from the early redemption of the 2018/2021 bond, which weighed on first-quarter earnings. Consolidated net income for the first quarter was -7.9 million euros (2019: 0.2 million euros). One-time personnel costs also contributed to this result. “These costs are calculated one-time effects,” says Schriewer. Revenue remained virtually unchanged at 14.9 million euros compared to the same period last year (14.8 million euros). Assuming a further easing of the current Covid-19 restrictions, ACCENTRO AG is currently sticking to its EBIT forecast.
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 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 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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Thomas Eisenlohr
ACCENTRO Real Estate AG
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10625 Berlin
Email: eisenlohr@accentro.de
Phone: +49 (0)30 88 71 81 272