Real Estate segment
in € million |
|
|
|
Change |
||
|---|---|---|---|---|---|---|
Revenue |
|
11.4 |
|
11.6 |
|
- 2.0 % |
EBITDA |
|
6.0 |
|
6.7 |
|
- 9.9 % |
EBITDA margin in % |
|
52.8 |
|
57.4 |
|
- 4.6 pp |
EBIT |
|
3.6 |
|
4.3 |
|
- 17.0 % |
EBIT margin in % |
|
31.7 |
|
37.4 |
|
- 5.7 pp |
According to the latest Grossmann & Berger market report, Hamburg’s office rental market recorded a very low level of office space let at 85,000 m2, the lowest first-quarter figure since 2012. Owing to the increased supply of office space year-on-year, the vacancy rate rose to 4.9 % at the end of the quarter (previous year: 4.0 %).
Despite this weak market environment, 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 fell slightly by 2.0 % to € 11.4 million in the reporting period (previous year: € 11.6 million). With rental income stable in the Speicherstadt historical warehouse district, this was mainly due to the demolition of cold-storage and warehouse facilities in the fish market area in preparation for development.
The cumulative operating result (EBIT) decreased strongly by 17.0 % to € 3.6 million in the reporting period (previous year: € 4.3 million). Whereas maintenance costs remained more or less stable, the decrease was primarily due to expenses in connection with the successful reletting of space in the Speicherstadt historical warehouse district.