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ADLER Real Estate AG: Subsidiary ACCENTRO Real Estate AG generates large gains from the disposal of a residential property portfolio

ADLER Real Estate AG / Key word(s): Disposal/Real Estate

2015-05-04 / 12:43

Corporate News

ADLER Real Estate AG: Subsidiary ACCENTRO Real Estate AG generates large gains from the disposal of a residential property portfolio

- Earnings contribution of approx. EUR 13.1 million expected for the second quarter of 2015

- EUR 51.5 million in liquidity to go to ACCENTRO

- Strong precedent for further expansion in residential privatisation

Hamburg, 4 May 2015. ADLER Real Estate AG, Frankfurt/Main (ISIN DE0005008007) generated considerable gains within the Group by the successful pre planned disposal of a residential property portfolio held through its subsidiary ACCENTRO Real Estate AG (ISIN/WKN DE000A0KFKB3), Berlin. As a result of the sale, ACCENTRO generated profits of approx. EUR 13.1 million in its consolidated financial statements in line with IFRS. These are expected to positively contribute to results during the second quarter of 2015. The transaction is expected to generate proceeds to the Company amounting to approx. EUR 51.5 million.

With this transaction, ACCENTRO creates the basis for further considerable growth. "The high cash and cash equivalents serve primarily to acquire residential properties, which are pre-eminently suitable for privatisation," states Axel Harloff, CEO of ADLER Real Estate AG. "As a result, ACCENTRO can lay the foundations for a strong upturn in the privatisation transaction volume." ACCENTRO is already the leading company in the area of residential privatisation in Germany. In view of the ongoing period of low interest rates, residential property provides an opportunity for securing pensions for an increasing section of the population. "For this reason, demand and market growth are correspondingly high;" continued Harloff.

The residential portfolio is comprises 1,174 units with Net Rentable Area of c. 76,386 square metres and currently generates approx. EUR 4.6 million in Net Rental Income per annum. The properties are located in Berlin-Hohenschönhausen. ACCENTRO had reassessed the portfolio in the first quarter of 2015. This resulted in an expected gain of approx. EUR 5 million for the ACCENTRO Group in the first quarter, which will also be consolidated in the ADLER consolidated result for the first quarter.

For enquiries, please contact:

german communications dbk ag
Jörg Bretschneider
Milchstr. 6 B, 20148 Hamburg, Germany
Phone: +49-(0)40/46 88 33 0
Fax: +49-(0)40/46883340

Investor Relations:
Hillermann Consulting
Christian Hillermann
Poststraße 14, 20354 Hamburg, Germany
Phone: +49-(0)40/32 02 79 10
Fax +49-(0)40/32 02 79 114

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