Forecast adjustment for the 2018 financial year
Ad-hoc Announcement Pursuant to Art. 17 Market Abuse Regulation
Berlin, 21 December 2018 - The Grounds Real Estate Development AG (ISIN: DE000A2GSVV5) will significantly exceed its predicted sales revenue and profit forecast for 2018. The background is the sale for around EUR 21.5 million, documented today, of land in the Gutleut district of Frankfurt on which a four-storey micro-apartment complex is planned.
Up to now, for the current 2018 financial year, the Executive Board had assumed that at group level it would generate sales revenues of TEUR 16,011, an operating result before income taxes of TEUR 880 and a consolidated annual result of TEUR 630. Instead, for 2018, the Executive Board of The Grounds now expects to generate forecast consolidated sales revenues of around EUR 30.0 million, a group result before income taxes of around EUR 10.0 million and a consolidated result of around EUR 4.0 million.
The Grounds Real Estate Development AG
Leipziger Platz 3, 10117 Berlin, Germany
Tel.: +49 (0) 30 2021 6866
Fax: +49 (0) 30 2021 6849
End of ad hoc announcement
Haus der Wirtschaft, Kapstadtring 10
T. +49 (0) 40 6378 5410
F. +49 (0) 40 6378 5423
Acquisition, project development and sustainable residential property management
The Grounds Group focuses on buying and developing residential property and, as a full-service provider for the business areas Investment (including property and asset management), Development and Trading, they have made it their goal to provide affordable living space for different life stages. The emphasis is on residential property, particularly also special real estate such as student and retirement living in German metropolitan regions and attractive locations such as aspiring outskirts in Germany. As a portfolio holder their medium-term aim is to establish a significant high quality real estate portfolio at a magnitude of EUR 500 million through investments and in-house development, allowing stable profits together with attractive dividend payments to The Grounds shareholders. The Grounds seeks to position themselves as one of the leading German real estate companies by creating added value within the scope of housing development and subsequent development of market capitalisation.