Accentro sticks to forecast despite weak quarterly figures

03/05/2019

For the housing privatizer Accentro Real Estate, the year has had a modest start. Revenues from apartment sales more than halved year-on-year  in the first quarter, from €27.9mn to €12.6mn, while pre-tax profit only reached €0.7mn (Q1 2018: €5.7mn). Nevertheless, the Management Board is maintaining its March forecast of exceeding last year’s revenue (€163.3mn, adjusted for the sale of the “Gehrensee” portfolio) and EBIT of €32.8mn. As of 25 April 2019, purchase agreements had been signed – but not yet executed – for sales with a volume of around €30mn. In addition, sales for a number of its own projects, as well as sales for third parties, will not happen until the second quarter. Acquisitions were made in Hamburg, Leipzig, Usedom and Ratingen for expansion beyond Berlin.


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