Berlin, 12 May 2017 – ACCENTRO Real Estate AG (ISIN: DE000A0KFKB3), Germany’s only listed company for housing privatisations, has kept up the pace of its 2016 banner year. Compared to the prior-year period, the company increased its consolidated income to 3.0 million euros in Q1 2017 (Q1 2016: 2.6 million euros). Consolidated revenues totalled 20.8 million euros and thus maintained the level of the prior-year quarter. “We remain committed to our growth trajectory, and are steadily expanding our privatisation assets,” said Jacopo Mingazzini, the CEO of ACCENTRO Real Estate AG. As at 31 December 2016, ACCENTRO AG held a total of 2,422 flats in its current assets. This year to date, another 911 residential units have already been added.
Setup of a trading portfolio in Leipzig is now under way. During the first quarter of 2017 alone, ACCENTRO AG acquired 333 residential units in the Leipzig region. “For years, Leipzig has been one of the top-ten cities in our Condominium Report,” said Mingazzini. The city has been experiencing steady growth, and a positive demographic trend lately. “Leipzig counts among the most interesting swarm cities in Germany,” explained Mingazzini. Meanwhile, Berlin remains the company’s lead market. All of the key fundamentals, such as population, economic development of the city (GDP, unemployment rate) are outperforming. “Berlin is Germany’s largest and most liquid market for residential real estate, while the homeownership rate remains very low at around 16 percent. This represents an excellent outlook for long-term growth, and our position on the home market is superb,” elaborated Mingazzini. For the first time, ACCENTRO has begun to sell new-build flats, marketing high-end flats at Flughafenstrasse 69 in the borough of Neukölln. ACCENTRO is also selling 27 sophisticated new attic apartments in Friedrichshain-Kreuzberg, along with 145 existing flats.
The strategy of ACCENTRO remains in place. “Q1 2017 proved to be a quarter with rather tidy figures, and it has strengthened our resolve to keep pursuing the chosen course,” said Mingazzini. “The selective acquisition of flats in other metro regions as well as collaborative ventures with property developers represent major cornerstones for the company’s development going forward,” Mingazzini added. The Management Board of ACCENTRO Real Estate AG has upheld its forecast of 34 to 36 million euros in earnings before interest and taxes for the year 2017. The complete quarterly report for the first three months of the 2017 financial year is available for download at Financial Reports in English and German.
ACCENTRO Real Estate AG is a residential property investor and Germany’s market leader in housing privatisations. Its real estate portfolio consisted of around 5,200 units as of 31 December 2020. In addition to Berlin, regional focal points include East German cities and conurbations, as well as the Rhine-Ruhr metro region and Bavaria. The business activity of ACCENTRO comprises four core divisions. These are the tenant-sensitive retailing of condominiums to owner-occupiers and private buy-to-let investors, the sale of real estate portfolios to institutional investors, the set-up and management of a proprietary real estate portfolio, and third-party condominium marketing for property asset holders, investors and developers. The shares of ACCENTRO Real Estate AG are listed on the Prime Standard segment of the Frankfurt Stock Exchange (German securities code number WKN: A0KFKB, ISIN: DE000A0KFKB3). investors.accentro.de
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