• Strong growth in revenues and earnings during first quarter • Sales volume in individual privatisation segment doubles to EUR 54.1 million • Private investors accounted for about 90% of the flats sold in Q1 • Forecast for significant growth in 2021 confirmed
Berlin, 01 June 2021 – ACCENTRO Real Estate AG, an investor in residential real estate and Germany’s leading housing privatisation company, looks back on a very successful first quarter.
Revenues surged by 85% to EUR 27.6 million (previous year: EUR 14.9 million), while the earnings before interest and taxes (EBIT) rose by an impressive 435% to EUR 2.3 million (previous year: EUR 0.4 million). Earnings per share improved accordingly, rising to EUR -0.09 (previous year: EUR -0.24). The gross profit margin in sales also developed positively, achieving 26.3% (previous year: 22.3%).
During the three opening months of the year, the volume of notarised property sales in the individual privatisation segment doubled year on year. Overall, 135 units in a total value of EUR 51.4 million were sold. The month of March actually marked a new record in the company’s history.
At the same time, the volume of notarised property sales that are still awaiting their transfers of benefits and burdens continued to grow. As of 31 March 2021, it added up to EUR 50.7 million. The resurgence is the result of ACCENTRO’s marketing activities, which have maintained a permanently strong level over the past months. But it also shows that the COVID-19 pandemic keeps causing delays in the transfer of benefits and burdens. As a result, the successful sales activities are reflected only to some extent in the revenue and earnings performance of the first quarter.
In the wake of a successful start to the year in line with our expectations, ACCENTRO confirms the forecast for this year. According to the forecast, revenues are expected to grow by around 60% to somewhere between EUR 170 and 200 million (previous year: EUR 125,2 million) and the EBIT by up to around 44% to somewhere between EUR 45 and 50 million (previous year: EUR 34.8 million).
Lars Schriewer, CEO of ACCENTRO Real Estate AG, expressed deep contentment: “The year got off to a brisk start for our company. During the first quarter, around 90% of the condominiums were sold to private investors. This demonstrates the persistently keen interest among owner-occupiers and private buy-to-let investors. Our broad-based portfolio of properties in attractive locations puts us in an excellent position to keep serving the strong demand in the years ahead.” ACCENTRO’ sales pipeline is well-filled, having a prospective sales value of approximately half a billion euros. The properties have already been lawfully partitioned into condominiums and are therefore exempt from the recently enacted Development Land Release Act that applies to residential real estate in “strained housing markets.”
“The idea is to put the company’s successful performance on a broader foundation in addition to the bright outlook in condominium sales,” added Lars Schriewer. “Building up a propriety stock will play an important role in this effort in the years to come. We have the asset management and property management experience it takes to develop the latter for the long term, and thereby to secure sustainably growing rent revenues and cashflows.”
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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