Accentro - comment

The first quarter numbers are weak. German residential real estate transactions fell to 2011 levels in Q1. Accentro needs to keep making sales, but we are sceptical that it can. We expect another tense standoff with bond investors within 12 months. Investment assets saw no downward revaluations, which is something. Accentro repaid €32m in loans during the period, so available cash fell from €100m to €61m.