DGAP-News: Godewind Immobilien AG publishes first half-year report

Godewind Immobilien AG publishes first half-year report

• Stable basis for significant growth laid in the first half-year
• Capital increase as part of IPO generated gross proceeds of EUR 375 million
• First acquisitions should be finalised within the coming months

Frankfurt am Main, 14 August 2018 - Godewind Immobilien AG (ISIN: DE000A2G8XX3, ticker symbol: GWD, Godewind), a real estate company specialised in commercial properties in Germany, has laid the groundwork for a successful first financial year with a capital increase and exchange listing in the first half-year 2018.

Platform for the construction of a profitable and sustainable commercial portfolio
The cash capital increase in April this year significantly strengthened its balance sheet. The company received total gross proceeds of EUR 375 million. Cash and cash equivalents also rose significantly as a result to EUR 381.1 million as of 30 June 2018. Equity increased correspondingly to EUR 381.5 million as of the reporting date. This represents an equity ratio of some 99.7%.

Earnings for the first six months of the 2018 financial year were mainly defined by tax expenses of EUR 3.2 million in deferred tax, as well as staff costs and other operating expenses. Other operating expenses mainly consist of legal and advisory costs, as well as audit costs in connection with the launch of operations and the flotation. As expected, the result for the period ending 30 June 2018 was EUR -5.5 million. No revenue from the ownership and management of properties has been recognised to date, but will be generated from the planned transactions and acquisitions.

Godewind achieves first successful "cash-box IPO" in Germany in first half-year
The main event in the first half of 2018 was the successful flotation of Godewind Immobilien AG, in the first "cash-box IPO" ever seen in the German property industry. The gross issue proceeds of EUR 375 million will successively be invested in building a portfolio of commercial property.

Godewind shares were admitted for trading on the regulated market of Frankfurt Stock Exchange (Prime Standard) on 03 April 2018. Its market capitalisation, on the basis of the offer price of EUR 4.00 per share and a total number of 108,750,000 issued shares, was EUR 435 million. The capital increase and initial public offering were entered in the commercial register on 28 March 2018. The company's share capital increased by EUR 93.8 million and currently amounts to EUR 108.8 million. This gives Godewind a strong basis for the planned construction of its commercial property portfolio.

Outlook: first acquisition planned in the months ahead
Godewind will invest the net proceeds of the IPO in mixed property portfolios, with a focus on office buildings. Negotiations with various potential sellers have intensified since the listing and should be completed in the coming months. Furthermore, additional acquisition opportunities have opened up for Godewind in the office and commercial property segments. By making value acquisitions with the help of this pipeline the intention is to build a commercial property portfolio of some EUR 3 billion in the medium term. At the same time as preparing the first transaction, Godewind continued to expand its corporate structure.

The half-year financial report for Godewind Immobilien AG is available from the Investor Relations section of the website: https://www.godewind-ag.com/en/financial-reports/
 

About Godewind Immobilien AG
Godewind is a real estate company specialising in commercial properties in Germany. The Company focuses on building an attractive portfolio of commercial properties, with an emphasis on office buildings. As an active portfolio and asset manager, Godewind strives for sustainable increases in earnings and income, which are supplemented by the regular realisation of added value potential. In the medium term the aim is to build a commercial real estate portfolio of around EUR 3 billion with the help of its wide-ranging network and by means of value-added acquisitions.

Based on its internal portfolio and asset management, Godewind Immobilien AG will manage commercial properties cost-effectively, enter into long-term tenancy agreements and so increase its enterprise value. The company has tax loss carry-forwards for corporation and trade tax, as well as a tax-free capital reserve. The shares in Godewind Immobilien AG are traded in the Prime Standard at Frankfurt Stock Exchange (FWB).

For more information, please visit http://www.godewind-ag.com

Contact Details

Investor Relations Contact
Gunnar Janssen
Godewind Immobilien AG
Phone +49 69 25 73 75 192
Email g.janssen@godewind-ag.com

Press Contact
Jan Hutterer
Kirchhoff Consult AG
Phone +49 40 60 91 86 65
Email godewind-ag@kirchhoff.de