Ado increases rents by 5.3 % – end of cooperation with acquisition partner
Ado Properties took in €37.5mn in rental income with its more than 22,000 residential and 1,500 commercial units in Berlin during the first quarter of the year, which is 13.9 % more than a year ago. Like-for-like, rents increased by 5.3 %, of which 2.9 % are due to modernizations and 1.9 % are increases of existing contracts. The average actual rent is now €6.76/sqm at 3.1 % vacancy. The privatization of 17 apartments brought in an average price of €4,096/sqm. Rental income (FFO 1) increased by 5.1 % to €16.7mn. The annual forecast of €65mn is confirmed. The company further reports that its exclusive cooperation with long-term acquisitions partner W&W Real Estate will end by mid-year by mutual agreement. The company is now considering “how best to handle acquisitions in the future.”
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