DGAP-News: Godewind Immobilien AG / Key word(s): Real Estate/Contract
27.11.2019 / 11:24
The issuer is solely responsible for the content of this announcement.

Godewind Immobilien AG achieves leasing successes at Airport Business Center in Dusseldorf – Portfolio vacancy falls below 10 percent

  • New lettings for around 1,330 m² of office space in the “Airport Business Center” (ABC)
  • Premature contract prolongation by 5 years for around 590 m² of office space signed
  • Annualised rental income of ABC rises to EUR 2.1 million
  • Vacancy rate in ABC significantly reduced to around 5.4 percent
  • Vacancy rate in the overall portfolio falls below the 10 percent threshold for the first time

Frankfurt am Main, 27 November 2019 – Godewind Immobilien AG (ISIN: DE000A2G8XX3, trading symbol: GWD, Godewind), a company specializing in German office real estate, has achieved further important letting successes in the “Airport Business Center” (ABC) office complex in Dusseldorf. The new lettings are in line with a number of new contracts that reduced the vacancy rate in the overall portfolio from around 27 percent to 9.5 percent in the current year. As a result, the vacancy rate for the office property portfolio falls below the 10 percent threshold for the first time.

Godewind has concluded two rental agreements for a total of 1,326 m² of office space at attractive market rents with a management consultancy and a public law institution for the ABC in Dusseldorf. The rental agreements have an initial term of seven years. The lease is expected to begin on 1 February 2020 and 1 May 2020 respectively. In addition, contracts with two existing tenants have been extended by five years each for a total of around 590 m² of office space. On the basis of the contractually secured rental agreements, the key property figures for the ABC in Dusseldorf will improve as follows:

– Pro forma rental income will increase on an annualised basis to EUR 2.1 million.
– Vacancy rate falls to 5.4 percent compared to 16.2 percent previously.
– WALT increases to 3.9 years after 3.4 years.

These parameters will have a positive impact on the valuation of the ABC in Dusseldorf at the end of 2019. As a result of the new lettings the pro forma vacancy rate of the overall portfolio will fall to 9.5 percent and the contractually secured annual rental income will increase to EUR 49.8 million. The remaining strategically acquired vacancy of the portfolio offers further growth potential to increase the EPRA Net Asset Value (NAV) even further in the medium term. The current letting successes are further milestones in this respect and prove the attractiveness of the value add/manage-2-core strategy.

About the property
Located in the immediate vicinity of Dusseldorf Airport and close to the A52 motorway, the ABC has excellent infrastructure connections. The property has a rentable area of 13,069 square metres and offers 153 underground parking spaces as well as 103 outdoor parking spaces. The net purchase price was EUR 40 million or an average of around EUR 3,065 per square meter.

The location of the property on Google Maps: please click here.

Picture of the object
Title: Airport Business Center (ABC), Franz-Rennefeld-Weg 2-6, Dusseldorf, Godewind Immobilien AG
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About Godewind Immobilien AG
Godewind Immobilien AG, headquartered in Frankfurt am Main, is a company specialising in German office properties. The company’s focus is on creating and expanding an attractive real estate portfolio in Germany’s growth centres. As an active portfolio and asset manager, Godewind strives for sustainable increases in earnings and income, which are supplemented by regularly increasing upside potential. Godewind currently has an office property portfolio totalling more than EUR 1 billion. In the medium term, the aim is to create a commercial real estate portfolio of at least EUR 3 billion with the help of a wide-ranging network and by means of value-added acquisitions.

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 listed at the highest transparency level of Deutsche Börse AG, Prime Standard, and is traded amongst other in the XETRA market segment of the Frankfurt Stock Exchange (FWB).

For further information please visit https://www.godewind-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
 


27.11.2019 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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