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

01.07.2019 / 07:35
The issuer is solely responsible for the content of this announcement.

Godewind Immobilien AG with further significant letting success at the Frankfurt Airport Center

  • Rental agreement with anchor tenant extended by 10 years
  • Further 1,400 m² of office space leased for 10 years
  • Weighted average lease term (WALT) increases to 7.9 years

Frankfurt am Main, 1 July 2019 – Godewind Immobilien AG (ISIN: DE000A2G8XX3, trading symbol: GWD, Godewind), a company specializing in German office real estate, can announce a further significant letting success in this property shortly after the first letting success of 5,000 m² at the Frankfurt Airport Center (FAC) in May of this year.

Godewind concluded a follow-up rental agreement with its existing anchor tenant Deutsche Lufthansa AG for around 10,800 m² of office space in the FAC at attractive market rents. This includes 722 m² of space occupied by rental option. The rental period begins on 1 July of this year. The lease has a duration of ten years. In addition, a space expansion of around 1,400 m² was agreed with Lufthansa. Here, the rental period begins no later than 1 December 2019. As a result of this renewed letting success the key property figures will improve even further.

The WALT increases from 5.9 years to 7.9 years. The vacancy rate reaches 6.7 percent after 9.5 percent previously – without taking into account the space occupied with rental options totalling 1,624 m². At the time of the acquisition of the FAC in December 2018, the vacancy rate was still just under 20 percent. This was already considerable reduced by the letting success reported on 3 May. The key figures for the FAC have currently changed as follows since the acquisition in December 2018 on the basis of the contractually secured rental agreements:

– Annualised rental income increase to around EUR 11.4 million compared with around EUR 10.2 million (December 2018)
– Reduction of vacancy rate to 6.7 percent compared to 19.5 percent (December 2018)
– Increasing the WALT to 7.9 years compared to 6.1 years (December 2018)

These parameters will have a positive impact on the valuation of the FAC as of 30 June 2019. In addition, over the short-term further successes in reducing the strategically purchased vacancy rate of the overall portfolio from the original 28 percent are expected. The company is currently in advanced negotiations. The remaining vacancy rate of around 23 percent offers further growth potential with will continue to drive Godewind’s net asset value (NAV) in the medium term.

“After taking over the FAC at the end of 2018, we are delighted to announce another significant letting success in this highly attractive office complex after such a short time,” said Stavros Efremidis, CEO of Godewind Immobilien AG. “The achieved significant improvement in the key property figures shows that we are able to successfully position our properties with active asset management. Therefore we are able to continue to benefit from the sustained high demand for office space at all our A-locations. The current letting successes are further proof of the successful and rapid implementation of our value-add/manage-2-core-strategy.”

About the object
The FAC 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 object on Google Maps: please click here.

Photo of the object
Designation: Frankfurt Airport Center, Hugo-Eckener-Ring, 60549 Frankfurt, Godewind Immobilien AG
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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 increase in earnings and income, which is supplemented by the regular realisation of added value potential, which will result, among other things, from the vacancy rate of currently around 23 percent that has been purchased. Godewind currently owns a secured or rather acquired office property portfolio of around EUR 850 million. In the medium term, the aim is to build a office property 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 real estate cost-efficiently, enter into long-term rental 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 Immobi 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

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.


01.07.2019 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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