Real Estate segment
in € million |
|
1–6 | 2020 |
|
1–6 | 2019 |
|
Change |
|---|---|---|---|---|---|---|
Revenue |
|
18.0 |
|
19.9 |
|
- 9.5 % |
EBITDA |
|
9.7 |
|
12.2 |
|
- 20.8 % |
EBITDA margin in % |
|
53.5 |
|
61.2 |
|
- 7.7 pp |
EBIT |
|
6.1 |
|
8.5 |
|
- 27.8 % |
EBIT margin in % |
|
34.0 |
|
42.7 |
|
- 8.7 pp |
In the first half of 2020, Hamburg’s office rental market recorded a year-on-year decline in revenue as a result of the coronavirus lockdown. According to Grossmann & Berger’s latest market report, 165,000 m² of office space was let – approximately 47 % less than the prior-year figure of 310,000 m². The market is expected to remain volatile for the rest of the year.
As a result of the increased availability of office space, the vacancy rate in Hamburg of 3.3 % was slightly up on last year’s figure of 3.0 %. A further increase in vacancies is anticipated in the months ahead.
HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area were able to buck this negative market trend though with almost full occupancy.
Despite the high occupancy rate, however, revenue of € 18.0 million in the first half of 2020 was significantly below the prior-year level (previous year: € 19.9 million). The decline was primarily the result of a revenue correction for expected rent losses as a consequence of the coronavirus pandemic.
Largely due to these expected rent losses, there was therefore a significant year-on-year decline in the cumulative operating result (EBIT) of 27.8 % to € 6.1 million (previous year: € 8.5 million).