DGAP-News: Godewind Immobilien AG / Key word(s): Real Estate/Contract
Godewind Immobilien AG achieves leasing successes at Airport Business Center in Dusseldorf – Portfolio vacancy falls below 10 percent
Frankfurt am Main, 27 November 2019 – Godewind Immobilien AG (ISIN: DE000A2G8XX3, trading symbol: GWD, Godewind), a company specializing in German office real estate, has achieved further important letting successes in the “Airport Business Center” (ABC) office complex in Dusseldorf. The new lettings are in line with a number of new contracts that reduced the vacancy rate in the overall portfolio from around 27 percent to 9.5 percent in the current year. As a result, the vacancy rate for the office property portfolio falls below the 10 percent threshold for the first time.
Godewind has concluded two rental agreements for a total of 1,326 m² of office space at attractive market rents with a management consultancy and a public law institution for the ABC in Dusseldorf. The rental agreements have an initial term of seven years. The lease is expected to begin on 1 February 2020 and 1 May 2020 respectively. In addition, contracts with two existing tenants have been extended by five years each for a total of around 590 m² of office space. On the basis of the contractually secured rental agreements, the key property figures for the ABC in Dusseldorf will improve as follows:
– Pro forma rental income will increase on an annualised basis to EUR 2.1 million.
These parameters will have a positive impact on the valuation of the ABC in Dusseldorf at the end of 2019. As a result of the new lettings the pro forma vacancy rate of the overall portfolio will fall to 9.5 percent and the contractually secured annual rental income will increase to EUR 49.8 million. The remaining strategically acquired vacancy of the portfolio offers further growth potential to increase the EPRA Net Asset Value (NAV) even further in the medium term. The current letting successes are further milestones in this respect and prove the attractiveness of the value add/manage-2-core strategy.
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About Godewind Immobilien AG
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 listed at the highest transparency level of Deutsche Börse AG, Prime Standard, and is traded amongst other in the XETRA market 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:||922355|
|End of News||DGAP News Service|