UK Markets close in 5 hrs 51 mins

Gateway Real Estate AG announces forecast for the fiscal year 2020 and expects EBIT adjusted of more than EUR 137 million and EBT of more than EUR 110 million. In the future Gateway also develops residential real estate for its own portfolio

·2-min read

DGAP-News: Gateway Real Estate AG / Key word(s): Forecast/Real Estate
28.10.2020 / 16:56
The issuer is solely responsible for the content of this announcement.

Frankfurt am Main, 28 October 2020. Gateway Real Estate AG ("Gateway" - WKN A0JJTG / ISIN DE000A0JJTG7) issues its qualified forecast for fiscal year 2020. The management board expects EBIT adjusted1) of more than EUR 137 million (previous year: EUR 158.9 million) and earnings before taxes (EBT) of more than EUR 110 million (previous year: EUR 131.8 million) for the fiscal year 2020.

The management board decided following the consultancy with the supervisory board to build residential real estate also for its own portfolio (build-to-hold) in the future. In the context of the extended corporate strategy, Gateway strives after the increased development of residential real estate for long-term holding and administration to generate sustainable earnings. Accordingly, the standing asset segment will be further extended in the medium-term.

Tobias Meibom, CFO of Gateway Real Estate AG, comments: "The residential real estate market has turned out to be very solid during the COVID-19 pandemic. We have a wide range for our future standing asset portfolio by our attractive development projects."

1) EBIT adjusted: Operating income plus income from investments accounted for using the equity method.


About Gateway Real Estate
Gateway Real Estate AG is a leading listed developer of commercial and residential real estate in Germany (WKN: A0JJTG / ISIN: DE000A0JJJTG7). The company has a broadly diversified portfolio, excellent market access and a well-filled project pipeline. This way, the company achieves sustainable and profitable growth. The Group is currently developing real estate with an estimated gross development volume (GDV) of more than EUR 5 billion.

Further information: https://gateway-re.de/en/


Contact
Sven Annutsch
The Squaire No. 15
60549 Frankfurt am Main
T +49 (0) 69 78808800 0
F +49 (0) 69 78 80 88 00-99
E-Mail: sven.annutsch@gateway-re.de


28.10.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Gateway Real Estate AG

THE SQUAIRE - Zugang N°15,Am Flughafen 1

60549 Frankfurt/Main

Germany

Phone:

+49 (0) 69 788 088 00 -0

Fax:

+49 (0) 69 788 088 00 - 99

E-mail:

info@gateway-re.de

Internet:

www.gateway-re.de

ISIN:

DE000A0JJTG7

WKN:

A0JJTG

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart

EQS News ID:

1143733


 

End of News

DGAP News Service

show this
show this