Corporate News

DGAP-News: Godewind Immobilien AG / Key word(s): Financing/Real Estate

19.02.2019 / 07:30
The issuer is solely responsible for the content of this announcement.

Godewind Immobilien AG successfully concludes financing for office properties in Frankfurt, Dusseldorf and Hamburg

  • EUR 82 million loan agreement signed
  • Duration: 5 years
  • Interest rate: 1.09 percent

Frankfurt, 19 February 2019 – Godewind Immobilien AG (ISIN: DE000A2G8XX3, trading symbol: GWD, Godewind), a company specializing in German office real estate, has signed its first new EUR 82 million loan agreement for three assets of its office real estate portfolio. The loan has a total term of five years and serves to refinance the properties ComConCenter in Frankfurt, Airport Business-Center in Dusseldorf and Pentahof in Hamburg, which were acquired at a gross purchase price of EUR 142.4 million. The financing was underwritten by DZ HYP AG. With the acquisition of the Frankfurt Airport Center, which was already acquired in November 2018 at a gross purchase price of EUR 168.3 million, an existing financing of EUR 88 million with an interest rate of 1.87 percent was taken over.

Favorable financing costs of around 1.09 percent
With the conclusion of the new credit agreement at an attractive interest rate of 1.09 percent for a term of five years, the interest rate of the existing bank loans in the portfolio will fall to an average of around 1.5 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 transactions
The transaction, which has now been successfully completed, is to be followed by further financing, taking into account the assets Quartier am Zeughaus in Hamburg, Herzog-Terrassen in Dusseldorf, Y2 in Frankfurt and Sunsquare and Eight Dornach in Greater Munich.

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

Following the recent acquisitions with a total gross purchase volume of around EUR 740 million, Godewind also plans to further optimize its existing assets and 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 property. The company’s acquisition focus lies on building up an attractive commercial real estate portfolio with an emphasis on office buildings. 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. Including the latest acquisitions Godewind has an office portfolio of EUR 740 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).

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Contact details

Investor Relations contact
Gunnar Janssen
Godewind Immobilien AG
Telefon +49 69 27 13 97 32 13

Press contact
Jan Hutterer
Kirchhoff Consult AG
Telefon +49 40 60 91 86 65

These materials are for informational purposes only and are not intended to constitute, and should not be construed as, an offer to sell or subscribe for, or the announcement of a forthcoming offer to sell or subscribe for, or a solicitation of any offer to buy or subscribe for, or the announcement of a forthcoming solicitation of any offer to buy or subscribe for, ordinary shares in the share capital of Godewind Immobilien AG (the “Company”) and such shares (the “Shares”) in the United States or in any other jurisdiction.

19.02.2019 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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