12. Transactions with respect to related parties
Various contracts are in place between the Free and Hanseatic City of Hamburg and/or the Hamburg Port Authority and companies in the HHLA Group for the lease of land and quay walls in the Port of Hamburg and in the Speicherstadt historical warehouse district. Moreover, the HHLA Group lets office space to other enterprises and public institutions affiliated with the Free and Hanseatic City of Hamburg. Further information about these business relationships can be found in the Consolidated Financial Statements as of 31 December 2024.
On 28 December 2020, HHLA concluded two agreements related to space leased by HHLA from HPA in the O’Swaldkai terminal. These were a three-party agreement (“Trilateral Agreement”) with HPA and FHH and an amendment contract to an existing lease contract between HHLA and HPA (“Amendment Contract”). The fundamental provisions of the Trilateral Agreement and the Amendment Contract are presented in the Consolidated Financial Statements as of 31 December 2024 under Note 48.
Due to the expiration of the original contract at the end of the second quarter, HHLA and the HPA agreed in June 2025 that the conditions precedent agreed with regard to the payment of financial compensation for the early return of partial spaces and the completion of necessary renovation measures are considered to have occurred in good time. The 11th postscript to the lease was signed on 28 July 2025. As part of this, the lease is extended until 2049 with a corresponding adjustment to the present value of the lease payments for the duration of the amended lease. The lease liability recognised as a result of this is € 78,741 thousand, using an interest rate of 4.25 %. This liability occurs alongside the addition of a right of use, which is recognised in property, plant and equipment at an equal amount.
As of 30 June 2025, both the amounts reported for receivables from related parties and liabilities to the other related parties remained largely the same as those recorded as of 31 December 2024.