DGAP-News: Godewind Immobilien AG / Key word(s): Contract/Real Estate
03.06.2019 / 07:35
Godewind Immobilien AG succeeds in further vacancy reduction, leasing around 2,400 m² office space at Quartier am Zeughaus in Hamburg
Frankfurt am Main, 3 June 2019 – Godewind Immobilien AG (ISIN: DE000A2G8XX3, ticker symbol: GWD, Godewind), a real estate company specialising in German office properties, achieved its first significant leasing success at its Quartier am Zeughaus property (located in Hamburg’s coveted Eppendorf district) only four months after purchasing the office complex.
Godewind entered into a rental agreement with one of its anchor tenants for a further 2,372 m² of office space at attractive market rents and a long lease term. The lease period is set to begin on 1 September of this year. The new agreement will have a very positive impact on the property’s key figures. Indeed, the vacancy rate at the property is set to fall to only 4.8 percent, while the weighted average lease term (WALT) will rise from 3.0 years to 3.7 years. These parameters will positively impact the valuation of the Quartier am Zeughaus premises as of 30 June 2019.
When Godewind acquired the Quartier am Zeughaus complex in December 2018, the office vacancy rate was still at over 10 percent. Today, this figure has been reduced by around 52 percent to approximately 2,100 square metres of vacant space. Through its active asset management approach, Godewind seeks to further reduce the vacancy rate for its overall portfolio in 2019, and is already at the advanced negotiation stage in this respect. Over the short term, the company therefore anticipates further reductions in the overall vacancy rate for its portfolio, which, upon the strategic acquisition of the partly vacant properties, started out at 28 percent.
Recent new leases, for example at the FAC in Frankfurt and sunsquare near Munich, saw the rate fall to 24 percent, with the latest Quartier am Zeughaus leases taking the figure down further to 23 percent. The current vacancy rate therefore offers outstanding growth potential, the capitalisation of which will significantly increase Godewind’s net asset value (NAV) over the medium term. Godewind’s recent leasing successes are further important steps in this regard and serve to confirm the effectiveness of the company’s value add/manage-2-core strategy.
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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:||818029|
|End of News||DGAP News Service|