PRESSE & MEDIEN
10. März 2017
GxP German Properties publishes preliminary financial figures for 2016
Berlin, 10 March 2017 – The financial year 2016 was characterised by the debut of GxP German Properties (ISIN: DE000A1YCNN8, WKN: A1YCNN) as a publicly listed German commercial real estate company. GxP acquired its first property portfolio in October 2016. The company managed to considerably increase its capital at the end of 2016 through an entirely placed cash capital increase.
Consolidated financial statements 2016 have been prepared in accordance with German GAAP (HGB) and are largely characterised by the preparations for the relaunch.
As of 31 December 2016, the owned property portfolio comprised eight office properties with a total value of around €90 million. Following the fiscal year end, the acquisition of another property in Dresden was closed, resulting in a total value of the GxP portfolio of €106.2 million.
The net asset value (NAV) including the acquisition of the Dresden property amounted to €77.2 million or €1.11 per share as of 31 December 2016. This figure includes a stated goodwill of €35.2 million. The net loan-to-value (LTV) ratio, as an indicator of the company’s debt levels, stood at around 65 per cent at the end of 2016. As per 31st December 2016 GxP held about €11.1 million of cash on its balance sheet, respectively proforma around €7.5 million taking into account the acquisition of the Dresden property.
The profit and loss statement for the financial year 2016 is not meaningful as the final transfer of the portfolio acquisition occurred only on December 5, 2016 and the extraordinary expenses associated with the capital increase and the stock exchange listing.
Overall GxP has acquired nine commercial properties since its relaunch end of 2016 with a current valuation of €106.2 million and total rental area of around 80,000 square metres with high potential for further value increase. With an initial vacancy rate of approximately 15 per cent the portfolio is generating annualised rental income of around €7.4 million which corresponds to a net initial rental yield of around 7.0 per cent. The weighted average lease term (WAULT) is around three years. The company expects an annualised FFO I of approximately €3.5 million from the initial high-yielding portfolio. Both net initial yield and implied FFO yield are well above the market average.
GxP German Properties will publish its 2016 Annual Report after its final approval on 31 March 2017 and make it available for download on its website.
GxP German Properties AG
With its headquarters in Berlin, GxP German Properties focuses on the Acquisition, Ownership and Management of office and retail properties in Germany. The investment strategy focuses on attractive commercial properties in the ‘Core+’ and ‘Value add’ segments in metropolitan regions and selected medium-sized cities in Germany. The company’s strategy is to leverage significant appreciation potential through proactive portfolio management whilst safeguarding sustainable rental revenues at the same time. To this end, it draws on both its many years of experience in the property market and its extensive network.
The company’s website can be accessed at www.gxpag.com
GxP German Properties AG
Europa Center 19. OG
TEL: +49 (0)30 886 267 40
FAX: +49 (0)30 886 267 411
Kirchhoff Consult AG
TEL: +49 (0)40 609 186 65
FAX: +49 (0)40 609 186 60