Real Estate segment
|
in € million |
|
1–3 | 2021 |
|
1–3 | 2020 |
|
Change |
|---|---|---|---|---|---|---|
|
Revenue |
|
9.1 |
|
10.1 |
|
- 10.2 % |
|
EBITDA |
|
4.7 |
|
5.8 |
|
- 19.5 % |
|
EBITDA margin in % |
|
51.7 |
|
57.7 |
|
- 6.0 pp |
|
EBIT |
|
2.9 |
|
4.1 |
|
- 28.4 % |
|
EBIT margin in % |
|
32.1 |
|
40.3 |
|
- 8.2 pp |
In the first quarter of 2021, Hamburg’s office rental market stabilised again following the drop in revenue in the prior-year quarter caused by the coronavirus pandemic. According to the Grossmann & Berger’s latest market report, 130,000 m2 of office space was let, exceeding the prior-year figure by 36.8 % and thus almost matching the figure for the first quarter of 2019 of 135,000 m2. Despite a slight increase in rental space available, the vacancy rate in Hamburg increased noticeably year-on-year from 3.0 % to 3.8 %.
By contrast, HHLA’s properties in the Speicherstadt historical warehouse district and the Fischmarkt area were largely unaffected by these market fluctuations and still boasted almost full occupancy at the end of the first quarter of 2021.
Despite the high occupancy rate, however, revenue of € 9.1 million at 31 March 2021 was 10.2 % below the prior-year level (previous year: € 10.1 million). In addition to the partial waiving of rent deferrals, the decrease was primarily due to uncollectible revenue-based rent as a result of public orders.
While maintenance volumes remained constant, the cumulative operating result (EBIT) fell short of last year’s figure by 28.4 % at € 2.9 million (previous year: € 4.1 million).