Real Estate Segment

Key Figures

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in € million

  

1–9 | 2015

  

1–9 | 2014

  

Change

Revenue

  

27.5

  

25.2

  

9.0 %

EBITDA

  

16.4

  

14.4

  

13.7 %

EBITDA margin in %

  

59.7

  

57.2

  

2.5 pp

EBIT

  

12.7

  

11.1

  

13.9 %

EBIT margin in %

  

46.0

  

44.1

  

1.9 pp

The positive trend for office space in Hamburg weakened considerably over the course of the third quarter. According to the office market overview by Grossmann & Berger, 355,000 m² of space was let in the first nine months – approx. 7 % less than in the same period last year – despite a relatively high proportion of owner-occupied properties. By contrast, there was year-on-year growth of 12 % at the end of the first half of 2015.

According to Jones Lang LaSalle, Hamburg’s vacancy rate at the end of the third quarter of 2015 was 6.2 %, and thus significantly below the prior-year figure of 7.1 %. The vacancy rate is expected to decline further in the coming quarter.

HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area continued to buck the market trend with further strong progress in the third quarter. This is reflected by the 9.0 % increase in revenue over the prior-year period. This considerable revenue growth was mainly due to project developments in the portfolio.

Once again, the operating result (EBIT) rose by an impressive 13.9 % to € 12.7 million as of the end of September 2015 (previous year: € 11.1 million). Earnings for the current financial year include extraordinary income of € 0.9 million from an insurance refund. Due to planned maintenance work in the fourth quarter, year-on-year earnings growth is expected to weaken slightly towards the end of the financial year.