Corporate News

Godewind Immobilien AG succeeds in further vacancy reduction, leasing around 2,400 m² office space at Quartier am Zeughaus in Hamburg

• New rental agreement reduces vacancy rate at Quartier am Zeughaus by around 52 %
• The value add/manage-2-core strategy pays off once again
• The company aims to achieve full occupancy at Quartier am Zeughaus by the end of 2019

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.

About the property
The Quartier am Zeughaus office complex is located on the former Telekom premises on Osterfeldstraße in Hamburg-Eppendorf. It has a total leasable area of around 43,522 m² and 38,491 m² of office space. The office complex is located in an attractive location in one of Hamburg’s most sought-after districts and has modern office space and 782 parking spaces.
Please click here to see the location of the property on Google Maps.

Picture of the property
Description: Bezeichnung: Quartier am Zeughaus, Christoph Probst-Weg 3, 20251 Hamburg, Godewind Immobilien AG
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About Godewind Immobilien AG
Godewind Immobilien AG, headquartered in Frankfurt am Main, is a company specializing in German office real estate. The company’s focus is on building an attractive real estate portfolio with a focus on office properties. As an active portfolio and asset manager, Godewind strives for sustainable increases in earnings and income, which are supplemented by the regular realisation of added value potential, which will result, among other things, from the current vacancy rate of around 23% that has been purchased. Currently Godewind owns a secured or rather acquired office portfolio of around EUR 850 million. In the medium term, the aim is to build a commercial real estate portfolio of around three billion euros with the help of the company’s wide-ranging network and by means of value-added acquisitions.

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

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

Disclaimer:
This announcement is for information purposes only and does not constitute or should not be construed as an offer to sell or subscribe for, or an offer to sell or subscribe for, or an invitation to make an offer to buy or subscribe for, or an invitation to make an offer to buy or subscribe for, any common stock of Godewind Immobilien AG (the “Company” and such shares, the “Shares”) in the United States of America or any other jurisdiction.