ACCENTRO Real Estate AG decided today to enter into a termination agreement regarding the purchase agreement for the acquisition of DIM Holding AG (“Deutsche Immobilien Management”). The agreed performance obligations were not fulfilled. Notwithstanding the reversal of the transaction, the Group confirms its forecast for fiscal year 2021. At the same time, ACCENTRO reaffirms its strategy of diversifying and increasing its revenues through acquisitions in the real estate management sector.
As a result of today’s decision by the Executive Board and Supervisory Board, the transaction is to be rescinded. On December 29, 2020, ACCENTRO had announced the acquisition of DIM Holding AG and the signing of the purchase agreement. The purchase agreement allows ACCENTRO to withdraw from the transaction if the seller fails to fulfill contractually defined performance obligations. Regardless of the termination of the purchase agreement, ACCENTRO will continue its strategic cooperation with DIM Holding AG. ACCENTRO has also secured an option allowing it to acquire DIM Holding AG within the next 12 months.
Lars Schriewer, CEO of ACCENTRO, commented: “We will continue on our chosen path of increasing value creation through acquisitions. Our stated goal is to diversify and increase revenue. We are now exploring other growth options and are already in initial discussions. Given the strong business performance, ACCENTRO is on track to meet its 2021 forecast, despite the reversal of the transaction.”
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 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
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Thomas Eisenlohr
ACCENTRO Real Estate AG
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Phone: +49 (0)30 88 71 81 272