Godewind Immobilien AG with further letting success at Y2 in Frankfurt
- Rental agreement with anchor tenant over 11,250 m² extended
- Annualized rental income in the Y2 rises to more than EUR 3.1 million and reaches market level
- Premature lease extension by 12 years to a term of 14.3 years
- WALT in Y2 increases by 4.8 years to 11.5 years
Frankfurt am Main, 28. August 2019 - Godewind Immobilien AG (ISIN: DE000A2G8XX3, trading symbol: GWD, Godewind), a company specializing in German office real estate, announces another rental success shortly after the latest significant vacancy reductions.
Just shortly after the latest new rental agreement in July this year in the Y2 office complex in the Frankfurt Merton district Godewind concluded a premature 12 year lease extension to a total term of now 14.3 years with the existing anchor tenant, Jobcenter Frankfurt am Main. The lease extension for the 11,250 m² total space in this office building begins on the 1st of January 2022. The contracted annual net cold rent of the property will increase by more than 15 percent or approximately EUR 0.4 million to EUR 3.1 million compared to the closing in February this year. Y2's office vacancy already fell to 28.3 percent from 32.2 percent earlier as of late. The average remaining term of the tenancy (WALT) will move up to 11.5 years after 4.8 years. The portfolio performance indicators will again improve as a result of this new contract.
Since its acquisition, Godewind has already concluded new leases and lease extensions for assets with an office space totalling more than 60,000 m². Through the new letting successes, for example in the FAC in Frankfurt, in Quartier am Zeughaus in Hamburg, in sunsquare near Munich and in Y2 in Frankfurt as well as the current new letting in Herzogterrassen the portfolio vacancy has already been significantly reduced to currently 13.1 percent. The strategic acquired vacant space continues to offer outstanding growth potential and drive Godewind to rise the net asset value (NAV) even further in the medium term. Godewind's recent leasing success is another milestone in this respect and renewed prove of the attractiveness of the company's value add/manage-2-core strategy.
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 net purchase price for 30,930 m² of total lettable space was around EUR 52 million or an average of around EUR 1,681 per m².
The location of the property on Google Maps: Click here.
Photo of the Building
Description: Y2, Emil-von-Behring-Straße 8-14, Frankfurt am Main, Germany, 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. Including its latest acquisition, City Gate, Godewind 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 around 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 traded in the Prime Standard segment of the Frankfurt Stock Exchange (RWB). For further information please visit http://www.godewind-ag.com.
Investor Relations Contact
Godewind Immobilien AG
Phone +49 69 27 13 97 32 13
Kirchhoff Consult AG
Phone +49 40 60 91 86 65
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