DGAP-News: Godewind Immobilien AG / Key word(s): Real Estate
15.07.2019 / 07:35
Godewind Immobilien AG with new rental agreement in the Y2 office complex in Frankfurt
Frankfurt am Main, 15 July 2019 – Godewind Immobilien AG (ISIN: DE000A2G8XX3, trading symbol: GWD, Godewind), a company specializing in German office real estate, announces another success in the reduction of vacancies in its office real estate portfolio shortly after the latest significant letting success.
Just a few months after the acquisition of the Y2 office complex in the Frankfurt Merton district, Godewind now concluded a five-year rental agreement for 1,082 m² of office space with a mid size software company in this office building. The rental period begins on the 1st of February 2020. The contracted annual net cold rent for the property will increase by 7.3 percent or around EUR 0.2 million to around EUR 2.9 million compared to the closing in February this year. Y2’s office vacancy rate will decline from around 32.2 percent as of late to approximately 28.3 percent. The average remaining term of the tenancy (WALT) now stands at 5 years. The portfolio KPIs will improve further as a result of this new contract.
Through continued active asset management, Godewind aims to achieve further short-term successes in reducing the strategically purchased vacancy rate of the entire portfolio of initial 28 percent. This vacancy will now be reduced to around 22.7 percent including the latest acquisiton City Gate and by the new letting in Y2 office complex. This remaining vacancy offers further growth potential, which is expected to increase Godewind’s net asset value (NAV) significantly in the medium term. The recent letting successes are a further proof for the success of Godewind’s value-add/manage-2-core-strategy. The deals demonstrate the company’s ability to rapidly leverage the growth potential of its office real estate portfolio.
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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:||840851|
|End of News||DGAP News Service|