Real Estate segment
in € million |
|
|
|
Change |
||
|---|---|---|---|---|---|---|
Revenue |
|
35.0 |
|
32.9 |
|
6.3 % |
EBITDA |
|
20.7 |
|
20.4 |
|
1.3 % |
EBITDA margin in % |
|
59.1 |
|
62.1 |
|
- 3.0 pp |
EBIT |
|
13.5 |
|
14.6 |
|
- 7.3 % |
EBIT margin in % |
|
38.6 |
|
44.3 |
|
- 5.7 pp |
According to Grossmann & Berger’s latest market report, Hamburg’s office rental market suffered a weak third quarter. Compared with the high-revenue period of the previous year, the amount of office space let fell by 30 % to 325,000 m2 as of September. The current vacancy rate rose marginally on the previous quarter by 0.2 percentage points to 4.2 %, with a further increase to over 5 % expected in the coming twelve months.
By contrast, HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area reported a further steady positive trend in the first three quarters of the current financial year, with almost full occupancy in both areas.
Revenue rose significantly by 6.3 % in the reporting period to € 35.0 million (previous year: € 32.9 million). In addition to increased income from revenue-based rent agreements, this growth was largely due to rising rental income from newly developed properties in the Speicherstadt historical warehouse district.
This significant revenue growth was offset by a planned temporary vacancy for facade renovation to increase the energy efficiency of a property and increased maintenance expenses in the third quarter in particular. Moreover, higher depreciation and amortisation following a completed project development and demolition costs as part of preparations for a major construction project in the fish market area had a negative impact on earnings. As a result, the cumulative operating result (EBIT) decreased by 7.3 % to € 13.5 million in the reporting period (previous year: € 14.6 million).