ADO Properties drives Berlin revenues up 26.4%

by   CIJ CEE I
2018-08-16   10:11
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ADO Properties revenues rose 26.4 percent to €64.9m over the first half of 2018, according to the company's most recent report. It writes that the results were driven by 5.1% like-for-like rental growth and further significant expansion of the residential portfolio. The EBITDA from rental activities increased by 28.1% to €46.7 million (H1 2017: €36.5 million). ADO Properties is a listed residential property company that focuses solely on the city of Berlin. Earnings from rental activities jumped 24.8 percent to €33.3m, while the average in-place rent of the residential portfolio was €6.57 per sqm per month at the end of the reporting period. This was up from €6.42 at the end of 2017. The vacancy rate for the residential portfolio decreased by 50 basis points to 3.1 percent thanks to the increased speed of unit modernization.
”At the end of the first half of the Business Year 2018 the value of our portfolio was approximately €3.82 billion, representing a significant growth of €498 million compared to the last external assessment in December 2017," said Rabin Savion, CEO of ADO Properties.