solidare is well positioned for the rest of 2017
Malta, September 29th, 2017: solidare real estate holding plc (solidare) (MT0000580101 / A1JGT0 / SRH) is looking ahead with confidence to the rest of the year after the results achieved during the first half-year. The company, which specialises in the highly promising market of micro-apartments, has been able to lay important groundwork for further growth during the spring and summer of this year. Altogether, solidare secured more than EUR 80 million of new financing to leverage the potential that lies in the attractive micro-apartment segment. At the beginning of the year, for instance, solidare acquired a further desirable property in the greater Düsseldorf area.
However, the financing also led to expenses that have burdened the net result for the half-year ending 30 June 2017. solidare generated a loss of just over EUR 2.0 million during the first six months, which was affected by the costs of the financing entered into and by the increased administrative expenses in comparison with the same period last year as a result of the expansion. This is supplemented by the fact that solidare had earned an extraordinary profit of EUR 4.7 million during the previous-year period. The figures for both periods are therefore only comparable to a limited degree. The operating result was now minus EUR 0.870 million compared to EUR 0.240 million in the previous year.
The rental income of the solidare group amounted to EUR 0.807 million during the period under review, whereby the company projects are still in the development stage and therefore cannot yet make any significant contribution to sales and earnings. From its Property Development & Sales business division, solidare was able to earn EUR 0.808 million.
During the course of the rest of the year, the company expects to make further acquisitions in interesting locations, which will substantially expand its portfolio with the aid of the existing acquisition financing.
The complete half-year report can be viewed at www.solidare.de under the rubric Investor Relations.
NewMark Finanzkommunikation GmbH
Telefon: +49/ 69 / 94 41 80 – 64
Telefax: +49 / 69 / 94 41 80 – 19
Company: solidare real estate holding plc
St. Christopher Street 168
VLT 1467 Valetta
Phone: +356/21 22 75 53
Fax: +356/21 22 76 67
solidare real estate holding plc. is a listed real estate company that specializes in the growth market of micro-apartments, predominantly in Germany. Micro-apartments are furnished residential units with a floor area of between 20 and 50 m², which are mainly rented by singles, students, commuters and the elderly. The principal shareholder and CEO Zeki Yigit has been involved in real estate development for more than 15 years. With around 300 employees, solidare covers the entire value-creation chain from real estate identification, the structuring of the acquisition and financing, the planning and execution of the construction or conversion activities, marketing, ongoing administration and facility management. The Group pursues a dedicated growth strategy that aims at consolidating the market segment and enhancing efficiency by exploiting the comprehensive nature of the internal service portfolio.
This release may contain forward-looking statements based on current assumptions and forecasts made by the management of solidare or its affiliated companies. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of solidare and its affiliated companies and the estimates given here. Neither solidare nor its affiliated companies assume any liability to update these forward- looking statements or to adapt them to future events or developments.