PRESSE & MEDIEN
GxP German Properties successfully concludes Q3 2017
- Three acquisitions push up market value of property portfolio to approx. EUR 164 million
- Vacancy rate down and total WAULT up due to successful asset management and portfolio ex-pansion
Frankfurt, December 01, 2017 – GxP German Properties AG (ISIN: DE000A2E4L00, WKN: A2E4L0) today announced that it has continued its successful business performance in the third quarter of 2017.
The company in the third quarter acquired three properties in Frankfurt, Hamm and Berlin-Teltow with a volume of approx. EUR 48 million, lifting the value of its recognised and contractually secured total portfolio (GAV) comprising 12 properties to approx. EUR 164 million as at 30 September 2017.
Two of the three acquired properties have already been consolidated at the start of the fourth quarter of 2017.
The net loan-to-value (LTV) as at the end of the third quarter was below 60 per cent, compared with 63.3 per cent at year-end 2016.
The annualised rental income of the GAV including the new acquisitions has increased to EUR 10.5 mil-lion after EUR 7.7 million as at 30 June 2017. In addition to the newly acquired properties, the compa-ny’s successful asset management was also a factor contributing to this increase in the third quarter. As a result of lease renewals in the existing portfolio of 8,700 square metres and new leases for 1,500 square metres, the portfolio’s weighted average unexpired lease term (WAULT) including the new acquisitions has increased to 3.6 years as at the end of November 2017. The vacancy rate in the existing portfolio was reduced to 12.8 per cent as at the end of November 2017.
The average interest rate on the outstanding debt remained steady at the 30 June 2017 value of 2.1 per cent.
Axel Mühlhaus / Patrick Wang
Eschersheimer Landstr. 42-44
Tel.: +49 (0) 69/ 905505-52
Fax: +49 (0) 69/ 905505-77