DGAP-News: Godewind Immobilien AG / Key word(s): Real Estate/Contract
01.07.2019 / 07:35
Godewind Immobilien AG with further significant letting success at the Frankfurt Airport Center
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)
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.”
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About Godewind Immobilien AG
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.
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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:||833215|
|End of News||DGAP News Service|