DGAP-News: Godewind Immobilien AG / Key word(s): Annual Results
10.04.2019 / 07:35
Annual Financial Report of Godewind Immobilien AG underlines successful start of operating business in 2018
Frankfurt am Main, 10 April 2019 – Godewind Immobilien AG (ISIN: DE000A2G8XX3, trading symbol: GWD, Godewind), a company specializing in German office real estate, has successfully launched its business model in its first financial year, which is designed to increase earnings through expansion.
Development of a profitable office portfolio
Despite the relatively late closings, the performance of the newly acquired properties was already clearly positive, underlining the quality of the office properties acquired. The EPRA Net Asset Value (EPRA NAV) for the acquisitions already completed amounted to around EUR 396.4 million or EUR 3.65 per share at the end of the 2018 financial year. Net LTV amounted to minus 19.7 percent at the end of 2018, as cash and cash equivalents exceeded financial liabilities.
Excellent growth prospects for 2019
Based on current estimates, EPRA Net Asset Value, the key earnings indicator at the end of the financial year, is expected to achieve a result well above the previous year’s level. FFO should also increase significantly and are expected to be in the mid single-digit million range. Annualised net rental income (NRI) should also increase significantly. The Net LTV is expected to be between 45 percent and 55 percent.
This forecast does not include additions or disposals that have not yet been specified, but does include all acquisitions that have already been completed and contractually secured. That is in detail: “ComConCenter” in Frankfurt (closing on 31 October 2018), “Airport Business Center” in Dusseldorf (closing on 30 November 2018), “Sunsquare” near Munich (closing on 15 December 2018), “Frankfurt Airport Center” (closing on 28 December 2018). “Pentahof” in Hamburg and “Eight Dornach” near Munich (closing on January 31, 2019) and “Y 2” in Frankfurt (closing on February 13, 2019). The acquisitions “Quartier am Zeughaus” in Hamburg and “Herzogterrassen” in Dusseldorf are to be closed by the end of April 2019.
Basis laid for first dividend payouts
The complete Annual Financial Report 2018 of Godewind Immobilen AG will be available in the Investor Relations section of the website later today: https://www.covivio-office-ag.com/en/financial-reports/.
About Godewind Immobilien AG
Based on its internal portfolio and asset management, Godewind Immobilien AG will manage commercial properties cost-effectively, enter into long-term tenancy agreements and thus increase its enterprise value. The company has tax loss carry-forwards for corporation and trade tax, as well as a tax-free capital reserve. Godewind Immobilien AG shares are traded in the Prime Standard segment of the Frankfurt Stock Exchange (FWB). For further information please visit https://www.covivio-office-ag.com.
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|Company:||Godewind Immobilien AG|
|60329 Frankfurt am Main|
|Phone:||+49 (0) 69 2713973213|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||797931|
|End of news||DGAP News-Service|