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

06.05.2019 / 07:35
The issuer is solely responsible for the content of this announcement.


Godewind Immobilien AG leases around 5,000 m² of office space in the Frankfurt Airport Center

  • New rental agreement reduces vacancy in the FAC by around 60%
  • Annual net cold rent in FAC rises by more than 13% to around EUR 11.5 million
  • First milestone in implementing value-add/manage-2-Core-strategy
  • Full occupancy of the FAC planned by the end of the year

Frankfurt am Main, 6 May 2019 – Godewind Immobilien AG (ISIN: DE000A2G8XX3, trading symbol: GWD, Godewind), a company specializing in German office real estate, has just four months after the aquistion of the Frankfurt Airport Center (FAC), which is directly connected to Terminal 1 of Frankfurt Airport, reported its first significant letting success in this property.

Godewind concluded a tenancy agreement with a MDAX company for 5,044 m² of office space in the FAC at attractive market rents. The rental period begins on 1 October of this year. The tenancy agreement has an initial term of five years. Due to the very good negotiations of the Godewind asset management team, the key property figures will change very positively as a result of this new contract. The contracting annual net cold rent of the property is increased by more than 13% to around EUR 11.5 million through this agreement. The vacancy rate of the FAC falls from around 20% at the beginning of the year to only around 8.2%. The average remaining term of the tenancy agreements (WALT) is now 5.8 years. These parameters will have a positive impact on the valuation of the Frankfurt Airport Center as of 30 June 2019.

At the time of the acquisition of the FAC by Godewind in December 2018, the vacancy rate was still nearly 20%. This will now be reduced by around 60%, since even before the most recent completion, some smaller spaces totalling around 550 m² could be re-let or the existing leases for these areas could be extended. Due to further successful asset management, full occupancy is to be almost achieved in 2019.

In addition, further short-term successes are being sought in reducing the strategically purchased vacancy rate of the entire portfolio of initial 28%. Here, the company is already at an advanced stage of negotiations. This vacancy, which has already fallen to around 26% due to the new lettings in the FAC, offers outstanding growth potential, which is expected to increase Godewind’s net asset value (NAV) significant in the medium term. The current letting successes are a first milestone and prove the attractiveness of the value-add/manage-2-Core-strategy.

“After taking over the FAC at the end of 2018, we are delighted to have found a creditworthy and long-term tenant in such a short time,” explains Stavros Efremidis, CEO of Godewind. “The resulting significant reduction in vacancies shows that we have successfully positioned the property in asset management. This allows us to continue to benefit significantly from the sustained high demand for office space in Frankfurt and at our other A-locations”.

About the property
The striking Frankfurt Airport Center is located directly on Terminal 1 of Frankfurt Airport and has a total area of around 48,500 m² and 45,166 m² of office space. In addition to its unique traffic location, the office complex has modern office space and 182 parking spaces.
The location of the property on Google Maps: Click here.

Photo of the property
Designation: Frankfurt Airport Center, Hugo-Eckener-Ring, 60549 Frankfurt, Godewind Immobilien AG
Download here

About Godewind Immobilien AG
Godewind Immobilien AG, headquartered in Frankfurt am Main, is a company specializing in German office real estate. The company’s focus is on building 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. Godewind Immobilien AG shares are traded in the Prime Standard 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 Real Estate 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.


06.05.2019 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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