Real Estate Segment
in € million |
1–6 | 2018 |
1–6 | 2017 |
Change |
|||
Revenue |
19.3 |
18.7 |
3.0 % |
|||
EBITDA |
10.9 |
10.5 |
3.5 % |
|||
EBITDA margin in % |
56.5 |
56.2 |
0.3 pp |
|||
EBIT |
8.4 |
8.0 |
4.9 % |
|||
EBIT margin in % |
43.6 |
42.8 |
0.8 pp |
The Hamburg office rental market performed modestly in the first half of 2018. According to Grossmann & Berger’s latest market report, 250,000 m2 of office space was let in the first half of 2018 – 17 % less than in the previous year (previous year: 300,000 m2). The decline in available space, and the resulting decrease in the vacancy rate, is regarded as a key reason for the drop in turnover. Due to high demand, the vacancy rate in Hamburg fell to 3.9 % (previous year: 4.9 %) – and was thus below the 4 % mark for the first time. In view of the expected completions in the medium term, there are no signs of the current market situation easing.
HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area continued their positive revenue trend in the first half of 2018. Despite full occupancy in both quarters having been largely reached in the previous year, revenue still rose moderately by 3.0 % to € 19.3 million (previous year: € 18.7 million).
Largely due to increased revenue from existing and newly developed properties in the Speicherstadt historical warehouse district – and in spite of the implementation of planned maintenance work – there was a year-on-year growth in the cumulative operating result (EBIT) of 4.9 % to € 8.4 million, (previous year: € 8.0 million).