Real Estate segment
in € million |
|
1–6 | 2021 |
|
1–6 | 2020 |
|
Change |
|---|---|---|---|---|---|---|
Revenue |
|
18.4 |
|
18.0 |
|
1.9 % |
EBITDA |
|
10.2 |
|
9.7 |
|
5.6 % |
EBITDA margin in % |
|
55.5 |
|
53.5 |
|
2.0 pp |
EBIT |
|
6.6 |
|
6.1 |
|
7.1 % |
EBIT margin in % |
|
35.8 |
|
34.0 |
|
1.8 pp |
Despite a comparatively weak second quarter, the general upward trend continued on the Hamburg office rental market, following the drop in revenue due to the pandemic in the previous year. According to Grossmann & Berger’s latest market report, 225,000 m2 of office space was let – 36.4 % more than in the previous year. The vacancy rate in Hamburg increased year-on-year to 3.6 % (previous year: 3.2 %).
HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area, which were largely unaffected by local market fluctuations during the coronavirus pandemic, continued their positive trend with almost full occupancy in the first six months of 2021.
Revenue rose slightly by 1.9 % in the reporting period to € 18.4 million (previous year: € 18.0 million). In addition to the reactivation of revenue-based rent agreements, this was primarily due to the partial waiving of rent deferrals as a consequence of the Covid-19 crisis in the previous year.
As a result of this increase in revenue, the cumulative operating result (EBIT) rose by 7.1 % to € 6.6 million (previous year: € 6.1 million), while maintenance volumes remained almost constant.