Godewind Immobilien AG achieves lease success in ComConCenter in Frankfurt

• Existing rental agreement with anchor tenant for around 6,300 m² extended ahead of schedule until 2027
• Further 1,500 m² of office space let for seven years
• Remaining term of rental agreements in ComConCenter Frankfurt rises to an average of 6.2 years
• Vacancy falls to 2.8 percent after 12.6 percent to date
• Annualised rental income in the ComConCenter rises to over EUR 2.3 million

Frankfurt am Main, 17 October 2019 - Godewind Immobilien AG (ISIN: DE000A2G8XX3, trading symbol: GWD, Godewind), a company specializing in German office real estate, announces another lease success in Frankfurt for the ComConCenter office complex.

Godewind concluded a follow-up rental agreement with an existing anchor tenant for 6,112 m² of office space and 200 m² of storage space at attractive market rents. The lease was extended by six years and now has a total term of eight years. In addition, an extension of 1,526 m² was agreed with the anchor tenant. Here, the lease for the first part of the space will begin on 1 February and for the remaining space on 1 May 2020. The lease term is seven years. As a result of this significant lease success the asset KPIs based on the contractually secured rental agreements will change as follows:

- The contracted rental income rises annualised to more than EUR 2.3 million compared to EUR 2.0 million at the time of purchase.
- Vacancy rate will fall to 2.8 percent compared to 12.6 percent previously.
- The WALT will increase to 6.2 years after 2.8 years recently.
 

These parameters will have a positive impact on the valuation of the ComConCenter at of year end 2019. This year, Godewind has thus leased a total of around 37,900 m² of new space to date and extended the lease agreements for around 38,400 m² of space. The total new letting performance since the purchase of all office properties has reduced the pro forma portfolio vacancy rate to 10 percent. This strategically acquired vacant space further on offers considerable growth potential, an helps to further increase the EPRA Net Asset Value (NAV) in the medium term. The current lease success proofs again the attractiveness of the value-add/manage-2-core strategy.

About the property

The ComConCenter is located in the Niederrad submarket in Frankfurt am Main. It comprises a rentable area of 16,264 square metres and has 374 parking spaces. Due to the strategically favourable location between the city centre and the airport, many well-known companies have settled in this location. The net purchase price for a total of 16,264 square metres was EUR 33.5 million or an average of around EUR 2,060 per square metre.

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Photo of the property
Description: ComConCenter, Colmarer Straße, Frankfurt am Main, Godewind Immobilien AG

About Godewind Immobilien AG

Godewind Immobilien AG, headquartered in Frankfurt am Main, is a company specialising in German office properties. The company's focus is on creating and expanding an attractive real estate portfolio in Germany's growth centres. As an active portfolio and asset manager, Godewind strives for sustainable increases in earnings and income, which are supplemented by regularly increasing upside potential. Godewind currently has an office property portfolio totalling around EUR 950 million. In the medium term, the aim is to create a commercial real estate portfolio of at least EUR 3 billion with the help of a wide-ranging network and by means of value-added acquisitions.

Based on internal portfolio and asset management, Godewind Immobilien AG will manage commercial properties cost effectively, conclude long-term tenancy agreements and thus increase the value of the company. The company has loss carryforwards for corporation and trade tax and a tax deposit account. The Godewind Immobilien AG share is listed at the highest transparency level of Deutsche Börse AG, Prime Standard, and is traded amongst other in the XETRA market segment of the Frankfurt Stock Exchange (FWB). For further information please visit .

Contact details

Investor Relations Contact
Gunnar Janssen
Godewind Immobilien AG
Phone 32 13
E-mail

Press Contact
Jan Hutterer
Kirchhoff Consult AG
Phone 65
E-mail