Real Estate segment
in € million |
|
|
|
Change |
||
|---|---|---|---|---|---|---|
Revenue |
|
11.6 |
|
10.7 |
|
8.7 % |
EBITDA |
|
6.7 |
|
6.4 |
|
4.8 % |
EBITDA margin in % |
|
57.4 |
|
59.5 |
|
- 2.1 pp |
EBIT |
|
4.3 |
|
4.4 |
|
- 1.7 % |
EBIT margin in % |
|
37.4 |
|
41.4 |
|
- 4.0 pp |
According to Grossmann & Berger’s latest market report, 105,000 m2 of office space was let in Hamburg during the reporting period. This represents a decrease of 22 % on the previous year’s strong figure, when the impact of the war in Ukraine was not yet felt. Despite the rise in the vacancy rate from 3.5 % in the previous year to the current figure of 4.0 %, Grossmann & Berger believes that supply and demand are balanced in the Hamburg market.
HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area maintained their stable trend with almost full occupancy in the first quarter of the current financial year.
Revenue rose significantly by 8.7 % in the reporting period to € 11.6 million (previous year: € 10.7 million). In addition to increased income from revenue-based rent agreements, this growth was due in particular to rising rental income from newly developed properties in the Speicherstadt historical warehouse district.
The growth generated in revenue was offset by a planned temporary vacancy of a building in the Speicherstadt historical warehouse district following a change of tenant and an increase in maintenance expenses. In addition, depreciation and amortisation rose as a result of capitalisations following the completion of project developments. As a result, the cumulative operating result (EBIT) decreased slightly by 1.7 % to € 4.3 million in the reporting period (previous year: € 4.4 million).