Real Estate segment
in € million |
|
1–9 | 2021 |
|
1–9 | 2020 |
|
Change |
|---|---|---|---|---|---|---|
Revenue |
|
27.6 |
|
28.2 |
|
- 2.1 % |
EBITDA |
|
16.0 |
|
15.6 |
|
2.7 % |
EBITDA margin in % |
|
57.9 |
|
55.2 |
|
2.7 pp |
EBIT |
|
10.5 |
|
10.3 |
|
2.0 % |
EBIT margin in % |
|
38.0 |
|
36.5 |
|
1.5 pp |
Hamburg’s office rental market recorded a strong upswing in the third quarter as a result of the general economic recovery. According to Grossmann & Berger’s latest market report, 360,000 m2 of office space was let as of 30 September; 44.0 % more than the weak prior-year figure. By contrast, the vacancy rate in Hamburg increased year-on-year to 3.8 % (previous year: 3.3 %).
HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area, which were much less affected by strong market fluctuations during the coronavirus pandemic, continued to make steady progress in the third quarter with almost full occupancy.
Revenue fell slightly by 2.1 % in the reporting period to € 27.6 million (previous year: € 28.2 million). The revenue-based rent agreements, which due to the pandemic were only reactivated during the course of the year, and a planned revenue shortfall caused by the renovation of a property could not be fully offset by increased rental income from individual properties.
Despite this slight fall in revenue, the cumulative operating result (EBIT) rose by 2.0 % to € 10.5 million in the reporting period (previous year: € 10.3 million). In addition to slightly lower maintenance volumes, receivables from the previous year which were written down in the course of the Covid-19 pandemic had a positive effect on earnings.