Real Estate segment
in € million |
|
1–9 | 2022 |
|
1–9 | 2021 |
|
Change |
|---|---|---|---|---|---|---|
Revenue |
|
32.9 |
|
27.6 |
|
19.0 % |
EBITDA |
|
20.4 |
|
16.0 |
|
27.6 % |
EBITDA margin in % |
|
62.1 |
|
57.9 |
|
4.2 pp |
EBIT |
|
14.6 |
|
10.5 |
|
38.7 % |
EBIT margin in % |
|
44.3 |
|
38.0 |
|
6.3 pp |
Despite the numerous risk factors for the economy, the Hamburg market for office space remained highly robust in the third quarter. According to Grossmann & Berger’s latest market report, 465,000 m2 of office space was let as of September 2022 – representing a return to the record level of 2017. The prior-year figure was thus exceeded by approximately 29 %. With slightly more space available, the vacancy rate in Hamburg remained constant at last year’s level of 3.8 %.
HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area maintained their positive trend with almost full occupancy in the third quarter of the current financial year.
Revenue rose strongly by 19.0 % to € 32.9 million in the reporting period (previous year: € 27.6 million). In addition to the growth in earnings from revenue-based rent agreements, the increase was due in particular to rising rental income from newly developed properties in the Speicherstadt historical warehouse district.
The cumulative operating result (EBIT) rose by 38.7 % to € 14.6 million in the reporting period (previous year: € 10.5 million). This further positive development in earnings was primarily driven by revenue growth, while maintenance volumes were slightly lower.