Corporate News

Godewind Immobilien AG successfully concludes financing and closing for office-complex Herzogterrassen in Dusseldorf

• EUR 80 million loan agreement signed
• Duration: 5 years
• Interest rate: 1,32 percent, redemption-free

Frankfurt am Main, 16 April 2019 – Godewind Immobilien AG (ISIN: DE000A2G8XX3, trading symbol: GWD, Godewind), a company specializing in German office real estate, has signed another loan agreement with a volume of EUR 80 million. The loan with a total term of five years serves to refinance the office complex Herzogterrassen in Dusseldorf, the previous head office of former WestLB. It was acquired for a net purchase price of EUR 140 million. Last in February this year another loan agreement with a volume of EUR 82 million for the assets ComConCenter in Frankfurt, Airport Business Center in Dusseldorf and Pentahof in Hamburg was signed.

Favorable financing costs of around 1.32 percent
With the conclusion of the new, redemption-free credit agreement at an attractive interest rate of 1.32 percent with a term of five years, the average interest rate of all existing bank loans in the portfolio will fall to an average of 1.44 percent. The completion of the transaction will contribute significantly to strengthening the future financial and earnings position of Godewind Immobilien AG as well as its ability to pay dividends.

Market environment on the capital market opens up additional potential for further attractive financing
The transaction, which has now been successfully completed, is to be followed by further financing, taking into account the real estate objects ‘Quartier am Zeughaus’ in Hamburg, ‘Y2’ in Frankfurt and ‘sunsquare’ as well as ‘Eight Dornach’ in Greater Munich. Simultaneously, the transaction for the building ‘Herzogterrassen’ in Dusseldorf is now closed.

With the exception of the Quartier am Zeughaus, which is expected to be closed by the end of April, all transactions have now been closed. The ‘ComConCenter’ in Frankfurt was already closed on 31 October last year, the ‘Airport Business Center’ in Dusseldorf on 30 November 2018, the Sunsquare near Munich on 15 December 2018 and the Frankfurt Airport Center on 28 December 2018. The Pentahof in Hamburg and the Eight Dornach near Munich were closed on 31 January, the Y2 in Frankfurt on 13 February and the Herzogterrassen on 15 April this year.

Following the acquisitions to date, Godewind is now optimizing its existing assets and plans to further expand its portfolio of commercial properties. With a purchased vacancy rate in the overall portfolio of currently around 28 percent, which corresponds to an area of around 75,500 square metres, the portfolio has significant organic value growth potential.

About Godewind Immobilien AG
Based in Frankfurt, Godewind Immobilien AG is a listed real estate company specialising in German office real estate. The company’s acquisition focus lies on building up 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. Currently Godewind owns a secured or rather acquired office portfolio of around EUR 762 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. The shares in Godewind Immobilien AG are traded in the Prime Standard segment on the Frankfurt Stock Exchange (XETRA).

For more 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.