DGAP-News

HAMBORNER REIT AG enjoys successful first half and raises forecast for 2017 - Seite 2

After the fair value of property assets rose to more than EUR1 billion as at the end of 2016, the portfolio continued to grow again in the first half of 2017. Ownership of a high-quality office property in Cologne - the O³ - was transferred to HAMBORNER right at the beginning of the year. Furthermore, two more attractive, large-scale retail properties were acquired at the end of the first quarter - "market Oberfranken" in Hallstadt/Bamberg and "Kaufland" in Berlin-Marzahn. The total investment volume for the properties added in the first half of the year was EUR108.8 million. The purchase agreement for a new building in Ratingen was signed in the second quarter. The office property with a purchase price of EUR34.4 million was transferred to the HAMBORNER portfolio on 11 July 2017. Taking into account the properties acquired in 2016 and still under construction in Kiel, Hanau and Passau, ownership of which will transfer in the second half of 2017, the total investment volume will increase to around EUR216 million. The company still has scope for acquisitions of between EUR120 and EUR150 million at this time.

The company has continued to make sales as well. The Kasslerfelder Kreisel property in Duisburg sold at the end of 2016 was transferred at the start of the first quarter of 2017. In addition, the sales agreement for a retail property in Minden was signed in July. With a residual carrying amount of EUR3.9 million, the sale price was EUR4.5 million. Taking into account the additions and disposals in the first half of the year, HAMBORNER had a portfolio of 71 properties with a fair value of more than EUR1.2 billion as at 30 June 2017.

Given the positive business trend in the first half of the year, the company is raising its previous forecast for income from rents and leases and for operating earnings (FFO) for 2017 as a whole. The Management Board is now assuming an increase in income from rents and leases of between 18% and 20%, and growth in FFO to between around EUR44 million and EUR45 million. This would correspond to FFO per share of between EUR0.55 and EUR0.56.