Estavis Subsidiary Accentro on Track for Record-Setting Condo Sales
- 1,047 apartments sold by the end of October 2012
- Significant increase over previous year-end total
- One of every three condominium buyers hails from abroad
- Acquisition of another portfolio including 63 apartments
Accentro, a subsidiary of Estavis AG, is right on track with its effort to make 2012 a banner year. By the end of October, the company had sold a total of 1,047 apartments to private investors and owner-occupiers. This means that the total number of apartments retailed last year, which is 921, has clearly been exceeded already. “We are heading for a third record result in as many years,” explained Jacopo Mingazzini, Head of Accentro. One third of the buyers hail from abroad, mostly from Italy but also from Russia, France and Spain. Indeed, buyers from 36 different nations purchased condominiums from Accentro in 2012. “For foreign investors, Germany represents a safe haven against the background of the economic crisis in the respective country of origin,” Mingazzini went on to say. “Internationally speaking, Berlin offers affordable sales prices and a high potential for rental growth,” Mingazzini added.
He added that Accentro’s privatisation portfolio includes a total of around 3,500 apartments in Berlin alone. “As far as we know, this makes us the market leader in this segment in Berlin,” said Mingazzini. Estavis recently spent approximately five million euros on a residential real estate portfolio including 63 apartments in Berlin, which is earmarked exclusively for retail sales. Just recently, Accentro prematurely renewed the collaboration with the GSW housing company, having already signed a new cooperation agreement with TAG Immobilien.
The booming apartment retailing business constitutes a powerful revenues mainstay for Estavis, contributing substantially to a positive business performance aside from helping to set up a proprietary high-yield portfolio. Most recently, Estavis acquired a real estate package in Berlin for its own portfolio at a bargain price of 110 million
euros. Estavis, a listed property company, thus boosted the revenue power for both of its strategic mainstays while continuing on its growth course.
Estavis AG is a listed property company focusing on residential properties. Through its purchasing network, which extends throughout Germany, Estavis AG identifies property portfolios with great value-added potential, and uses its management expertise to harness this potential efficiently. In addition to regular cash flow from the property portfolio acquired, Estavis AG develops its performance from income from privatisation proceeds. ESTAVIS AG is headquartered in Berlin and is listed on the Prime Standard of the Frankfurt Stock Exchange (German Securities Code Number [WKN]: A0KFKB).
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