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2020-08-27

Akelius Residential Property AB: Akelius revises business model and considers reducing staff

double the size in ten years

Akelius ambition is to double the size of the property portfolio in ten years.
With a strong financial position and properties in growing metropolitan cities, this is achievable.

The market for properties with need for extensive construction work has changed.
Akelius believes that the good times for upgrading such properties are over.
Akelius thereby decreases the focus on properties needing extensive construction in order to achieve the financial targets.
The company will focus on newly developed properties.

Akelius stops construction related technology development.

possible reduction of 400 staff until end 2022

Akelius has taken the first steps to initiate consultations with trade unions affected regarding a reduction of the number of staff predominantly within the construction, construction related and technology areas.

115 staff throughout the group are immediately affected and will be presented with voluntary offers to leave Akelius during 2020.
The company will also reduce new hiring and replacements to a minimum.
Akelius estimates normal staff turn-over will lead to a material staff reduction by the end of 2022.
In total a possible staff reduction from 1,500 to 1,100.
Akelius estimates to allocate EUR 13 million as a restructuring provision.
The annual cost reduction is EUR 42 million when the program is fully implemented end of 2022.

finishing upgrades increase revenues by EUR 25 million

Akelius estimates to eliminate 50 percent of the vacancy by finishing ongoing extensive upgrades.
This will increase revenues by EUR 25 million.
As a consequence, total vacancy will further decrease and revenues will grow steadily.
 

Ralf Spann:
Change is the price of progress.
The change will enhance our performance long-term.
It is sad when changes results in asking good people leave the company.

 

Berlin, 2020-08-27

Ralf Spann, CEO
+49 173 643 65 90
ralf.spann@akelius.de
  

This information is information that Akelius Residential Property AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication, through the agency of the contact person set out above, at 15.15 CET on 27 August 2020.
Akelius Residential Property AB's D-shares are listed on Nasdaq First North Growth Market Stockholm.
Avanza Bank is the Certified Adviser of the company, ca@avanza.se,+46-8-409 421 20.

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