Accentro Real Estate AG

Earnings Release • Jan 26, 2009

News Details

Corporate | 26 January 2009 12:19

Estavis Retails 644 Apartments during First Financial Semester

ESTAVIS AG / Development of Sales

Release of a Corporate News, transmitted by DGAP - a company of EquityStory
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• Number of units retailed during the 2007/2008 FY already matched to 75%
• Board reconfirms sales target of 1,000+ apartments retailed

Berlin, January 26, 2009 – During the first semester of the 2008/2009
financial year, Estavis retailed 644 apartments to private equity
investors. This translates into a total sales volume of approximately 55
million Euros. It also means that Estavis already matched the total number
of 857 apartments retailed during the 2007/2008 financial year to roughly
75% in the first six months of the ongoing financial year. At 356 units
retailed, sales during Q2 were up by 24% compared to the previous quarter
(Q1 2008/2009: 288 units). This track record makes Estavis one of Germany’s
leading providers in apartment trading. 'We are quite confident that we
will manage to retail more than 1,000 apartments to private investors in
the current financial year,' said Rainer Schorr, CEO of Estavis AG as he
confirmed the forecast issued at the start of Q1 2008/2009.

The results demonstrate that setting up the apartment division created a
strategically sound and valuable element of expansion into new business
areas. The differentiation of its business model makes Estavis less
dependent on fluctuations on the real estate market or in specific market
segments. Even before the onset of the financial crisis, the company began
to establish the relatively crisis-resistant division of apartment sales.
As part of the process, Estavis acquired majority interests in the HAG/CWI
Group in March 2007 and – shortly thereafter, in October 2007 – a 100
percent stake in the B&V Group. In July 2008, two leading sales
organisations were moreover contracted on an exclusive basis, enhancing the
sales capacities in a sustainable manner.
'Despite the ongoing financial crisis and the progressing economic
slowdown, apartment sales to private equity investors have maintained a
relatively high level,' said Schorr. He added that he is unaware of any
credit crunch in the private client business. Only individuals of low net
worth were said to experience difficulties in obtaining real estate
financing. 'Prospective buyers of apartments with a taxable income of more
than 50,000 Euros remain unaffected by this,' Schorr went on to say. This
clientele, he argued, have the kind of credit standing that will easily get
them a loan if they wish to acquire and finance an apartment as capital
investment.

Apartment sales to private equity investors count among the few business
areas in the real estate economy that have been more or less spared by the
financial crisis. 'In times of crisis, you will always see a run on
tangible fixed assets, and the segment began to benefit from this trend
with the onset of the banking crisis. What is more, the downward tendency
of mortgage interest rates makes apartments even more attractive as capital
investment product. Private investors take an interest both in property as
old-age provision and in listed monuments with attractive fiscal options
for depreciation,' Schorr said.

Contact:
ESTAVIS AG - Peter Vogt - Investor & Public Relations - Tel: + 49 30 887
181 799 - E-Mail: ir@estavis.de

26.01.2009 Financial News transmitted by DGAP

Language: English
Issuer: ESTAVIS AG
Uhlandstr. 165
10719 Berlin
Deutschland
Phone: +49 (0)30 - 887 181 - 0
Fax: +49 (0)30 - 887 181 - 11
E-mail: info@estavis.de
Internet: http://www.estavis.de
ISIN: DE000A0KFKB3
WKN: A0KFKB
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Hamburg, Düsseldorf, Stuttgart

End of News DGAP News-Service

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