Godewind Immobilien AG has signed a redemption-free loan agreement for a total of EUR 130 million and a 6 year term at 1.2% interest rate per year for the Frankfurt Airport Center (FAC). With this loan, in particular, the original financing arrangement with a volume of EUR 92.1 million, remaining short term maturity and 1.87% interest rate per year was replaced. The annual interest expenses will be reduced by around EUR 0.15 million despite the higher loan volume. The increase in loan volume was possible due to the vacancy reduction from around 18% originally to currently 3.8%. This vacancy reduction has a positive impact on the valuation of the FAC, which was shown at EUR 217.5 million in the balance sheet as per 30 September 2019. The FAC was acquired in December 2018 at a purchase price of around EUR 168 million. By optimizing the financing, the company continues to successfully implement the 'value-add/manage-to-core' strategy. Attractive financing costs: With the new loan agreement for the FAC, the average interest rate of all existing bank loans in the portfolio, totaling EUR 499.2 million, will decline from an average of 1.42% to 1.21%. The asset based LTV declines to 45% and the Net LTV falls to 43%. The average duration of all existing loan agreements extends to around 5 years after 4 years previously. Thus, this transaction is not only strengthening the financial and earnings position and Godewind's ability to pay dividends but also generates new funds for further organic growth. Godewind will continue to optimize the existing office portfolio with a value of more than EUR 1 billion as per 30 September 2019 and expand the office-portfolio. With a lettable vacancy rate of currently around 9.5% the portfolio still has extensive organic growth potential.