• Significant increase in revenue and earnings in the first quarter • Sales volume in individual privatization doubled to EUR 54.1 million • Approximately 90% of apartments sold to private investors • Forecast for significant growth in 2021 confirmed
Berlin, June 1, 2021 – ACCENTRO Real EstateAG , a residential real estate investor and Germany’s leading residential privatization company, looks back on a very successful first quarter.
Revenue increased significantly by 85% to EUR 27.6 million (prev. yr. 14.9 million), and EBIT (earnings before interest and taxes) rose significantly by 435% to EUR 2.3 million (prev. yr. EUR 0.4 million). Accordingly, earnings per share improved to -0.09 EUR (previous year: -0.24 EUR). The gross profit margin on sales also developed positively, reaching 26.3% (previous year: 22.3%).
The notarized sales volume in the individual privatization segment doubled in the first three months compared to the same period last year. A total of 135 units with a value of 51.4 million EUR were sold. March set a new record in the company’s history.
At the same time, the notarized sales volume—excluding transactions where the transfer of rights and obligations has already been completed—continued to rise. As of March 31, 2021, it now stands at EUR 50.7 million. This renewed increase is the result of ACCENTRO’s consistently high sales activity over the past several months. However, it also indicates that delays in the transfer of ownership and liability continue to occur due to the COVID-19 pandemic. Consequently, the successful sales have only partially impacted revenue and earnings performance in the first quarter.
Following a successful and on-track start to the year, ACCENTRO confirms its forecast for this year. According to the forecast, revenue is expected to rise by up to approximately 60% to between 170 and 200 million EUR (previous year: 125.2), and EBIT by up to approximately 44% to between 45 and 50 million EUR (previous year: 34.8).
Lars Schriewer, CEO of ACCENTRO Real Estate AG, is very pleased: “Our company got off to a strong start in the new year. We sold approximately 90% of the apartments to private investors in the first quarter. This demonstrates the continued strong interest from owner-occupiers and private investors. With our diversified portfolio in attractive locations, we are well-positioned to meet this high demand in the coming years as well.” ACCENTRO has a well-stocked sales pipeline with an expected sales value of around half a billion euros. The properties have already been legally subdivided and are therefore not subject to the recently enacted Building Land Mobilization Act for portfolios in “tight housing markets.”
“In addition to the positive outlook for sales, we want to place our company’s success on an even broader foundation,” adds Lars Schriewer. “Building our own portfolio will play a significant role in this over the coming years. Drawing on our experience in asset and property management, we can develop this portfolio over the long term, thereby securing sustainably rising rental income and cash flows for the company.”
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 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
Christian Dose
WMP EuroCom AG
Barckhaustrasse 1
D-60325 Frankfurt
Phone
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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