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The company specialises in retail properties in city centre sites, as well as specialist stores, office buildings and medical practices.
Listed German Hamborner REIT AG also posted strong results for the first nine months, increasing its rent and lease revenue by 18.7% to €453m, and giving raised forecasts for its full-year prospects. The company specialises in retail properties in city centre sites, as well as specialist stores, office buildings and medical practices.
The Duisburg-based company's FFO1 climbed by 20.9% to €26.5m, while rental income grew by 1.6% on a like-for-like basis. The vacancy rate is 1.7%, down from 2.2% last year. The NAV is up from €8.65 to €9.03 (the current share price is €8.70 – like most of its peers down about 20% over the past three months on recent highs). The REIT equity ratio is a comfortable 68.3% and the LTV ratio 28.5%.
Recent big acquisitions include a €20.9m purchase of an office property in Kiel, the €37.5m acquisition of the Rondo Steinheim retail centre in Hanau, and the DOMI high street building in Dortmund's main shopping precinct for €30.9m. In its largest deal to date, Hamborner closed on the Kurpfalz Center in Mannheim for €80m. Hamborner placed 17.7m new shares in September, generating gross proceeds of €166.5m.
