Godewind Immobilien AG with new rental agreement in the Y2 office complex in Frankfurt
- New rental agreement reduces office vacancy in Y2 complex in Frankfurt by more than 12 percent
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Annual net cold rent increases by more than 7 percent to around EUR 2.9 million
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Rental agreement with a term of 5 years
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Further progress in implementing of the value-add-/manage-2-core-strategy expected
Frankfurt am Main, 15 July 2019 - Godewind Immobilien AG (ISIN: DE000A2G8XX3, trading symbol: GWD, Godewind), a company specializing in German office real estate, announces another success in the reduction of vacancies in its office real estate portfolio shortly after the latest significant letting success.
Just a few months after the acquisition of the Y2 office complex in the Frankfurt Merton district, Godewind now concluded a five-year rental agreement for 1,082 m² of office space with a mid size software company in this office building. The rental period begins on the 1st of February 2020. The contracted annual net cold rent for the property will increase by 7.3 percent or around EUR 0.2 million to around EUR 2.9 million compared to the closing in February this year. Y2's office vacancy rate will decline from around 32.2 percent as of late to approximately 28.3 percent. The average remaining term of the tenancy (WALT) now stands at 5 years. The portfolio KPIs will improve further as a result of this new contract.
Through continued active asset management, Godewind aims to achieve further short-term successes in reducing the strategically purchased vacancy rate of the entire portfolio of initial 28 percent. This vacancy will now be reduced to around 22.7 percent including the latest acquisiton City Gate and by the new letting in Y2 office complex. This remaining vacancy offers further growth potential, which is expected to increase Godewind's net asset value (NAV) significantly in the medium term. The recent letting successes are a further proof for the success of Godewind's value-add/manage-2-core-strategy. The deals demonstrate the company's ability to rapidly leverage the growth potential of its office real estate portfolio.
About the building
The Y2 is a multi-tenant office complex in the commerically driven Merton district in Frankfurt Main. It offers direct public transport to the inner city and flexible space for open-space office, individual office and combined offices. Y2 is a sought-after office property especially for authorities and associations.
The location of the property on Google Maps: Click here.
Photo of the Building
Designation: Y2, Emil-von-Behring-Straße 8-14, Frankfurt am Main, Germany, 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 and extending an attractive real estate portfolio in the growth areas of Germany. 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 850 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 http://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
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.
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