Accentro - comment

We are primarily concerned with how Accentro proposes to manage its refinancing requirement in the next two quarters. Accentro, on the other hand, continues buying stressed assets in undisclosed cities in eastern Germany. Our analysis leaves us convinced that the distressed East Portfolio properties purchased in 2020 were only meant to be temporarily parked at Accentro. Thus we are wondering if today’s announcement have again more to do with events we are observing/missing elsewhere than they do with any strategy Accentro may be following itself. If a result of Accentro’s free strategic calculations, acquiring further stressed assets at this time looks like the company doubling down in the hope of a buyer quickly emerging from nowhere or bondholders agreeing to place a bet on that buyer eventually stepping forward. If any cash changed hands in this deal is not clear from the release.

The latest 682 units have a 27% vacancy rate and were acquired in the “framework of a share deal” (with 28 units in Rostock going to the vendor)

ACCENTRO acquires 682 units and grows rental portfolio by around 20 percent — Accentro Investors