Real Estate segment
in € million |
|
1–3 | 2020 |
|
1–3 | 2019 |
|
Change |
|---|---|---|---|---|---|---|
Revenue |
|
10.1 |
|
9.8 |
|
4.0 % |
EBITDA |
|
5.8 |
|
5.7 |
|
3.0 % |
EBITDA margin in % |
|
57.7 |
|
58.2 |
|
- 0.5 pp |
EBIT |
|
4.1 |
|
3.9 |
|
6.0 % |
EBIT margin in % |
|
40.3 |
|
39.5 |
|
0.8 pp |
In the first quarter of 2020, Hamburg’s office rental market recorded a year-on-year decline in revenue as a result of the coronavirus pandemic. According to Grossmann & Berger’s latest market report, 95,000 m² of office space was let – approximately 30 % less than the prior-year figure of 135,000 m². The market is expected to remain weak for the rest of the year. Despite a slight increase in rental space available, the vacancy rate in Hamburg declined slightly year-on-year from 3.2 % to 3.0 %.
In a declining market environment, HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area recorded stable revenue growth, as yet unaffected by the coronavirus pandemic. As in the previous year, there was virtually full occupancy in both quarters and revenue increased moderately once again by 4.0 % year-on-year to € 10.1 million (previous year: € 9.8 million).
As a result of revenue growth in both quarters and unchanged maintenance costs, the cumulative operating result (EBIT) increased by 6.0 % to € 4.1 million (previous year: € 3.9 million).