DGAP-News: Godewind Immobilien AG / Key word(s): Contract/Real Estate
26.08.2019 / 07:35
Godewind Immobilien AG achieves full occupancy in Herzogterrassen, Dusseldorf – entire portfolio’s vacancy rate falls significantly
Frankfurt am Main, 26 August 2019 – Godewind Immobilien AG (ISIN: DE000A2G8XX3, ticker symbol: GWD, Godewind), a company specialising in German office properties, has concluded a lease agreement which will completely reduce the office vacancy of Herzogterassen, only four months after the closing of the office complex, which are located in the centre of Düsseldorf.
The tenancy agreement with a leading provider of shared workspaces covers all the vacant office space as well as additional space in Herzogterrassen of totally 21,589 m². The new agreement, expertly negotiated by Godewind’s asset management team, will have a very positive impact on the property’s key figures. The term of the new tenancy agreement is more than 16 years and the lease period starts on 1 May 2020 at the latest. The office complex’s contracted annual net cold rent will rise to around EUR 12.6 million as a result of concluding this agreement. The office vacancy rate for Herzogterrassen will fall to zero per cent, while the weighted average lease term (WALT) will now rise from 6.1 years to 11.1 years.
All in all, the key performance indicators for Herzogterrassen have changed as follows since the closing in April this year based on the contractually secured rental income:
– Annualised net rental income of around EUR 12.6 million compared to previously around EUR 6.5 million
These parameters will have a very positive impact on the valuation of the Herzogterrassen property as of year end 2019 and are in line with the forecast raised on 22 July 2019.
The total new letting performance since the acquisition of all assets totalling more than 30,000 m² through the new lettings – for example in the FAC in Frankfurt, in Quartier am Zeughaus in Hamburg, in sunsquare near Munich and in Y2 in Frankfurt – already achieved and the current new letting in Herzogterrassen have significantly reduced the portfolio vacancy rate to 13.1 percent. The strategic acquired vacant scpaces continue to offer outstanding growth potential and drive Godewind to rise the net asset value (NAV) of EUR 4.54 by the end of June even further in the medium term. Godewind’s recent leasing success is an important milestone in this respect and proves the attractiveness of the company’s value add/manage-2-core strategy.
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About Godewind Immobilien AG
Based on internal portfolio and asset management, Godewind Immobilien AG will manage commercial properties cost effectively, conclude long-term tenancy agreements and thus increase the value of the company. The company has loss carryforwards for corporation and trade tax and a tax deposit account. The Godewind Immobilien AG share is traded in the Prime Standard segment of the Frankfurt Stock Exchange (RWB). For further information please visit https://www.godewind-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:||862805|
|End of News||DGAP News Service|