- Expansion into the Rhine-Ruhr region and progress of the Leipzig office - At EUR 21.0 million, EBIT was in line with expectations (previous year: EUR 22.3 million) - Positive outlook: Confirmation of revenue and earnings forecast for 2018
Berlin, 6 November 2018 – Berlin-based ACCENTRO Real Estate AG (WKN: A0KFKB, ISIN: DE000A0KFKB3) continued on its growth path during the first nine months of the 2018 financial year. Revenue and EBIT were in line with expectations. Taking into account the company’s positive business developments and the transactions expected for the fourth quarter, ACCENTRO expects to achieve the forecast for the 2018 financial year (EBIT of between EUR 36 million and EUR 40 million and sales growth in the double-digits).
ACCENTRO has further expanded its presence in the regions of Leipzig, Rhine-Ruhr, Rhine-Main and greater Hamburg, opening an office in Leipzig and agreeing to a joint venture with Ruhrwert Immobilien und Beteiligungs GmbH in the Rhine-Ruhr region. It moreover acquired three apartment buildings in Leipzig in October – the company’s fourth acquisition in the region. Furthermore, ACCENTRO acquired a portfolio of 80 units in central locations of Rostock. With these deals ACCENTRO successfully drives its expansion in German metropolitation regions.
“So far, the financial year has been very pleasing indeed. We have consolidated our presence in German metropolitan regions and achieved good interim results, confirming that we are on the right track. And, in October, we successfully placed a cash capital increase of around 20 million euros. The corresponding funds will be used to finance our next growth push and further expand our privatisation portfolio.”
Total assets increased by 17.3 % to EUR 407.9 million as at 30 September 2018 (31 December 2017: EUR 347.8 million). In addition to expanding its privatisation portfolio, ACCENTRO acquired an office property for its own use in the third quarter of the year, and will be occupying it next year. By doing so, the company will avoid being affected by the sharp rising commercial rents in the capital, and benefit from the property’s expected increase in value. The property can, moreover, be used to build apartment blocks, with a gross floor area of around 2,900 square metres.
Revenues from the sale of inventory properties rose significantly to EUR 127.1 million (previous year: EUR 82.0 million), an increase of around EUR 45 million. This development was largely attributable to the formation of a joint venture in Berlin-Hohenschönhausen (“Gehrensee”), which accounted for around EUR 42.4 million of the revenue increase. The site shall be used for the development of a new housing estate with up to 2,000 apartments, depending on building and urban planning permits. While this event had no significant impact on earnings during the reporting period, it harbours significant earnings potential for the future.
After the reporting period ACCENTRO sold the portfolio “Hipsterhausen” for a net sales price of EUR 32 million to an institutional investor. The portfolio comprises six historic buildings in central locations of Berlin. The deal has already been closed and will take full effect in the current business year 2018.
During the reporting period, ACCENTRO’s market capitalisation rose by more than one third to EUR 292.9 million (29 December 2017: EUR 209.6 million). In addition to its bond issue of around EUR 100 million in January of this year, the company successfully placed a cash capital increase of EUR 20 million within just a few hours in October 2018. This increased the free float to around 12.1 %, which in turn improved the trading liquidity of the shares. The capital market activities of ACCENTRO are accompanied by broader coverage. Moreover, the company is now being monitored by five research houses, and is raising its profile at capital market conferences.
In EUR millions
|Earnings per share (in EUR)||0.28||0.49|
|Total equity and liabilities||407.9||347.8|
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
Accentro Real Estate AG
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