Real Estate segment
in € million |
1–6 | 2019 |
1–6 | 2018 |
Change |
|||
Revenue |
19.9 |
19.3 |
3.5 % |
|||
EBITDA |
12.2 |
10.9 |
12.1 % |
|||
EBITDA margin in % |
61.2 |
56.5 |
4.7 pp |
|||
EBIT |
8.5 |
8.4 |
1.3 % |
|||
EBIT margin in % |
42.7 |
43.6 |
- 0.9 pp |
The positive trend of the Hamburg office space market continued in the first half of 2019. According to Grossmann & Berger’s latest market report, 310,000 m² of office space was let – 24 % more than the previous year’s figure of 250,000 m². One major reason for the marked increase in turnover is the high proportion of own-use. The vacancy rate decreased year-on-year by 0.9 percentage points to 3.0 %.
HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area reported a positive trend in the first six months of 2019. Although revenue in the previous year was already based on virtual full occupancy in both quarters, there was further moderate year-on-year growth of 3.5 % to € 19.9 million (previous year: € 19.3 million).
The increase in planned maintenance work was offset by revenue growth from properties in the Speicherstadt historical warehouse district. The slight 1.3 % rise in the operating result (EBIT) to € 8.5 million (previous year: € 8.4 million) is mainly due to the application of IFRS 16.