Real Estate segment
in € million |
|
|
|
Change |
||
|---|---|---|---|---|---|---|
Revenue |
|
34.3 |
|
35.0 |
|
- 1.9 % |
EBITDA |
|
18.6 |
|
20.7 |
|
- 10.2 % |
EBITDA margin in % |
|
54.1 |
|
59.1 |
|
- 5.0 pp |
EBIT |
|
11.4 |
|
13.5 |
|
- 15.4 % |
EBIT margin in % |
|
33.3 |
|
38.6 |
|
- 5.3 pp |
According to Grossmann & Berger’s latest market report, Hamburg’s office rental market continued to face a challenging economic environment in the third quarter. At around 300,000 m2, the amount of office space let was 7.7 % down on the previous year – once again falling short of expectations. The vacancy rate of 5.1 % was 0.9 percentage points above the prior-year figure.
Despite this weak market environment, however, 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 three quarters of the current financial year.
Revenue fell slightly by 1.9 % to € 34.3 million in the reporting period (previous year: € 35.0 million). A fall in income from the fish market area following the demolition of cold-storage and warehouse facilities in preparation for a project could not be fully offset by revenue growth in the Speicherstadt historical warehouse district.
The cumulative operating result (EBIT) decreased by 15.4 % to € 11.4 million in the reporting period (previous year: € 13.5 million). Besides a moderate increase in maintenance costs, the decrease was primarily due to expenses in connection with the successful reletting of space in the Speicherstadt historical warehouse district. Earnings were also burdened by costs for project-related preparatory work ahead of construction in the fish market area.