Corporate News

Another leasing success for Godewind Immobilien AG in the Y2 in Frankfurt

• New lease on more than 1,845 m² in the Y2 in Frankfurt
• Annual basic rent generated by Y2 rises to more than EUR 3.4 million
• Lease agreement term of 10 years

Frankfurt am Main, 2 September 2019 – Godewind Immobilien AG (ISIN: DE000A2G8XX3, ticker symbol: GWD, Godewind), a company specialising in German office properties, reports another new lease agreement shortly after the announcement of the last significant leasing successes.

Just after the early lease extension in the Y2 office complex in the Merton district of Frankfurt which was reported a few days ago, Godewind has signed a new tenancy agreement with a specialist publisher for labor and social law for office space of 1,526 m² and storage space of 319 m². The tenancy agreement with a lease term of ten years begins on 1 April 2020. This will raise the contracted annual net cold rent for the building by more than 26 percent, or around EUR 0.7 million, to EUR 3.4 million since it was closed in February of this year. The office vacancy rate in the Y2 will decrease from 28 percent to less than 23 percent. The rental agreements now have a weighted average lease term (WALT) of 11.5 years. This new lease agreement will further improve the portfolio key performance indicators.

Since acquisition, Godewind has reduced the portfolio vacancy significantly, bringing it down to currently 12.5 percent. This strategic acquired vacant space continues to offer outstanding growth potential and means the EPRA net asset value (NAV) is expected to rise still further in the medium term. Godewind’s recent leasing success is another milestone in this respect and again proves the attractiveness of the company’s value add/manage-2-core strategy.

About the property
The Y2 building is a multi-tenant office complex in the Merton district of Frankfurt, which is dominated by commercial properties, and has optimal inner city connections and features uses ranging from open to mixed and individual offices. The Y2 building is a sought after office building, especially amongst authorities and associations. The net purchase price for a total lettable area of 30,930 m² was around EUR 52 million, or an average of EUR 1,681 per m².
Please click here to see the location of the property on Google Maps.

Photo of the property
Description: Y2, Emil-von-Behring-Straße 8-14, Frankfurt am Main, Godewind Immobilien AG
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About Godewind Immobilien AG
Godewind Immobilien AG, headquartered in Frankfurt am Main, is a company specialising in German office properties. The company’s focus is on creating and expanding an attractive real estate portfolio in Germany’s growth centres. As an active portfolio and asset manager, Godewind strives for sustainable increases in earnings and income, which are supplemented by regularly increasing upside potential. Godewind currently has an office property portfolio totalling around EUR 950 million. In the medium term, the aim is to create a commercial real estate portfolio of around EUR 3 billion with the help of a wide-ranging network and by means of value-added acquisitions.

Based on internal portfolio and asset management, Godewind Immobilien AG will manage commercial properties cost effectively, conclude long-term tenancy agreements and thus increase the value of the company. The company has loss carryforwards for corporation and trade tax and a tax deposit account. The Godewind Immobilien AG share is traded in the Prime Standard segment of the Frankfurt Stock Exchange (RWB). For further information please visit https://www.covivio-office-ag.com.

Contact Details

Investor Relations Contact
Gunnar Janssen
Godewind Immobilien AG
Phone +49 69 27 13 97 32 13
E-mail g.janssen@godewind-ag.com

Press Contact
Jan Hutterer
Kirchhoff Consult AG
Phone +49 40 60 91 86 65
E-mail godewind-ag@kirchhoff.de