Covivio Office AG
Godewind Immobilien AG refinanced Frankfurt Airport Center building after successful optimization
DGAP-News: Godewind Immobilien AG
/ Key word(s): Financing/Real Estate
Godewind Immobilien AG refinanced Frankfurt Airport Center building after successful optimization
Frankfurt am Main, 7 January 2020 – Godewind Immobilien AG (ISIN: DE000A2G8XX3, ticker symbol: GWD, Godewind), a company specialising in German office properties, has signed a redemption-free loan agreement for a total of EUR 130 million and a 6 year term at 1.2 percent 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 percent 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 percent originally to currently 3.8 percent. 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.
07.01.2020 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | Godewind Immobilien AG |
Taunusanlage 8 | |
60329 Frankfurt am Main | |
Germany | |
Phone: | +49 (0) 69 2713973213 |
E-mail: | g.janssen@godewind-ag.com |
ISIN: | DE000A2G8XX3 |
WKN: | A2G8XX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 947055 |
End of News | DGAP News Service |