DGAP-News: Godewind Immobilien AG / Key word(s): Acquisition/Real Estate
13.11.2018 / 18:00
Godewind Immobilien AG acquires Frankfurt Airport Center for some EUR 168 million to continue rapidly its path of growth
Frankfurt am Main, 13 November 2018 – As already disclosed in an ad-hoc release on 31 October Godewind Immobilien AG (ISIN: DE000A2G8XX3, ticker symbol: GWD, Godewind), a real estate company specialising in German commercial properties, has acquired another attractive office building in the context of an off-market-transaction.
Just a few days after its first acquisitions, the company purchased approximately 89.9 percent of the office building Frankfurt Airport Center (FAC) at Frankfurt Airport within the framework of a share deal. The net purchase price for the entire object ammounts to EUR 168 million or EUR 3,490 per square meter. The closing of the transaction is expected by the end of this year.
Prominent asset with attractive performance indicators and excellent location
The contractually agreed net rental income of the property ammounts to EUR 10.14 million – a gross initial yield of 5.5 per cent (after deduction of ground rent). The average remaining lease term (WALT) is 6.2 years.
FAC offers considerable growth potential and attractive existing funding
With the planned full occupancy by 2021 the Funds from Operations (FFO) prior “overheads” will increase to around EUR 6.5 million on basis of the current market rents – a FFO yield on the equity after refinancing of around 8.5 percent. In this context Godewind will profit from the realisable tax loss carryforwards.
Equity of around EUR 76.3 million is being used to finance the transaction. Existing financing of EUR 88 million, which also includes a reserve of EUR 27 million for capital expenditure and fittings, is to be rolled over.
Outlook: further acquisitions in the pipeline
Stavros Efremidis, CEO of Godewind Immobilien AG, said: “Our portfolio expansion is peeking up speed. Following shortly after our first acquisition we have now purchased another attractive commercial property. The Frankfurt Airport Center is an impressive office complex in an excellent location and offers significant value added potential, which we intend to realise quickly, making it a perfect fit for our commercial strategy.”
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. The shares in Godewind Immobilien AG are traded in the Prime Standard segment on the Frankfurt Stock Exchange (FWB).
For more information, please visit https://www.covivio-office-ag.com
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|Company:||Godewind Immobilien AG|
|60313 Frankfurt am Main|
|Phone:||+49 (0) 69 257375 192|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|