Godewind Immobilien AG achieved its first significant leasing success at its Quartier am Zeughaus property (located in Hamburg's coveted Eppendorf district) only four months after purchasing the office complex. Godewind entered into a rental agreement with one of its anchor tenants for a further 2,372 m of office space at attractive market rents and a long lease term. The lease period is set to begin on 1 September of this year. The new agreement will have a very positive impact on the property's key figures. Indeed, the vacancy rate at the property is set to fall to only 4.8%, while the weighted average lease term (WALT) will rise from 3.0 years to 3.7 years. These parameters will positively impact the valuation of the Quartier am Zeughaus premises as of 30 June 2019. When Godewind acquired the Quartier am Zeughaus complex in December 2018, the office vacancy rate was still at over 10%. This figure has been reduced by around 52% to approximately 2,100 square metres of vacant space. Through its active asset management approach, Godewind seeks to further reduce the vacancy rate for its overall portfolio in 2019, and is already at the advanced negotiation stage in this respect. Over the short term, the company therefore anticipates further reductions in the overall vacancy rate for its portfolio, which, upon the strategic acquisition of the partly vacant properties, started out at 28%.