GxP German Properties AG
GxP German Properties with successful start into 2017 financial year
DGAP-News: GxP German Properties AG / Key word(s): Quarter Results GxP German Properties with successful start into 2017 financial year Berlin, 31 May 2017 – GxP German Properties AG (ISIN: DE000A1YCNN8, WKN: A1YCNN) has started the financial year with additional completed acquisitions and asset management successes. Q1 2017 financial figures reaffirm guidance – Rental income in Q1 2017: EUR1.7 million – On the basis of net rents for the month of March (EUR624,909.13), the portfolio is generating annual rental income of around EUR7.5 million, which is in line with previous guidance. – The implied annualised gross yield of the portfolio stands at 7.1 per cent at the end of the quarter. – The company reaffirms the FFO guidance of EUR3.5 million for full year 2017. – As of year-end 2016, NAV per share was reported at EUR1.11 per share including the Dresden acquisition and at EUR0.61 per share excluding goodwill. These figures remain unchanged. – With the completion of the Dresden acquisition and planned repayment of loans, the company’s cash level currently stands at EUR8.0 million as of 31 March 2017. – The loan-to-value ratio stands at 65.9 per cent as of 31 March 2017.
Successful expansion of the property portfolio In early February the company successfully completed the acquisition of a property comprising two office complexes in central location of the Saxon state capital Dresden. The two office complexes have a total rentable area of approximately 14,600 square metres, with a combined value of EUR17.8 million. With the closing of the Dresden property, rental space increased to 79,652 square metres as of end of the quarter (31 December 2016: 65,103 square metres). At the same time, the vacancy rate was reduced to 15.1 per cent (31 December 2016: 15.4 per cent). Net rent per square metre now average EUR9.28. At the start of the first quarter, new rental agreements for around 2,500 square metres were agreed for the existing GxP portfolio in the cities of Hanover, Mannheim and Dresden. – Hanover: New ten-year rental agreement for 1,142 square metres and a five-year contract extension for 524 square metres. – Mannheim: New five-year rental agreement for 600 square metres. – Dresden: Five-year contract extension with existing tenant to include 250 extra square metres. With these rental improvements the weighted average lease term (WAULT) increased to 3.32 years (31 December 2016: 2.9 years).
With its headquarters in Berlin, GxP German Properties focuses on the Acquisition, Ownership and Management of office and retail properties in Germany. The investment strategy focuses on attractive commercial properties in the ‘Core+’ and ‘Value add’ segments in metropolitan regions and selected medium-sized cities in Germany. The company’s strategy is to leverage significant appreciation potential through proactive portfolio management whilst safeguarding sustainable rental revenues at the same time. To this end, it draws on both its many years of experience in the property market and its extensive network. The company’s website can be accessed at www.gxpag.com
31.05.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | GxP German Properties AG |
Tauentzienstraße 9 | |
10789 Hamburg | |
Germany | |
Phone: | +49 (0)30 88 62 67 40 |
Fax: | +49 (0)30 88 62 67 411 |
E-mail: | info@gxpag.com |
Internet: | http://gxpag.com/ |
ISIN: | DE000A1YCNN8 |
WKN: | A1YCNN |
Listed: | Regulated Unofficial Market in Hamburg, Munich, Stuttgart; Open Market (Basic Board) in Frankfurt |
End of News | DGAP News Service |