Real Estate segment
in € million |
|
|
|
Change |
||
|---|---|---|---|---|---|---|
Revenue |
|
34.8 |
|
34.3 |
|
1.5 % |
EBITDA |
|
17.2 |
|
18.6 |
|
- 7.6 % |
EBITDA margin in % |
|
49.3 |
|
54.1 |
|
- 4.8 pp |
EBIT |
|
9.5 |
|
11.4 |
|
- 16.9 % |
EBIT margin in % |
|
27.3 |
|
33.3 |
|
- 6.0 pp |
According to Grossmann & Berger’s latest market report, Hamburg’s office rental market continued to lose momentum during the third quarter of 2025. As of September, the amount of office space let had risen by just 4.3 %, to around 313,000 m2, from around 300,000 m2 in the same period last year. The vacancy rate rose year-on-year by a further 1.5 percentage points to 6.5 %.
HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area continued to report stable growth in the third quarter of 2025, with almost full occupancy in both districts.
Revenue rose slightly by 1.5 % to € 34.8 million in the reporting period (previous year: € 34.3 million). With income from the fish market area showing a slight decline, the increase was due to successful lease renewals and reletting of space in the Speicherstadt historical warehouse district.
By contrast, there was a strong decrease in the cumulative operating result (EBIT), which fell by 16.9 % to € 9.5 million in the reporting period (previous year: € 11.4 million). This was attributable to high one-off expenses for non-operating services, which exceeded the effects of increased rental income and reduced maintenance costs.