Real Estate segment
in € million |
2019 |
2018 |
Change |
|||
|---|---|---|---|---|---|---|
Revenue |
40.2 |
39.3 |
2.5 % |
|||
EBITDA |
23.9 |
20.7 |
15.5 % |
|||
EBITDA margin in % |
59.4 |
52.7 |
6.7 pp |
|||
EBIT |
16.5 |
15.5 |
6.5 % |
|||
EBIT margin in % |
40.9 |
39.4 |
1.5 pp |
In 2019, Hamburg’s office rental market was unable to match the revenue level of the previous year due to a weak fourth quarter. According to Grossmann & Berger’s latest market report, 545,000 m² of office space was let in the reporting period, corresponding to a decrease of 7.6 % on the prior-year figure of 590,000 m². One major reason for the decrease in revenue was the ongoing lack of space available. Correspondingly, the vacancy rate on the Hamburg office market was 2.9 % at year-end, 0.6 percentage points down on the previous year (previous year: 3.5 %) and unchanged from the preceding quarter. The low vacancy rate is expected to continue in 2020.
HHLA’s properties in Hamburg’s Speicherstadt historical warehouse district and the fish market area, however, achieved a further slight increase in revenue of 2.5 % to € 40.2 million in 2019 (previous year: € 39.3 million) despite almost full occupancy.
In addition to increased revenue from properties in both districts, the significant rise in the operating result (EBIT), which went up by 6.5 % from € 15.5 million in the previous year to € 16.5 million.
In order to secure the segment’s economic success, HHLA will continue to invest in its property portfolio as part of its value-oriented development of the districts.
Revenue from sales or lettings and from services rendered, less sales deductions and VAT.