First Berlin – Godewind Immobilien AG Research Update (07/03/2019)

First Berlin Equity Research on 07/03/2019 initiated coverage on Godewind Immobilien AG (ISIN: DE000A2G8XX3/ Bloomberg: GWD GR). Analyst Ellis Acklin placed a BUY rating on the stock, with a EUR 5.50 price target.

Abstract
Godewind (GWD) is a German commercial property landlord led by a veteran team with deep expertise and a successful track record. The company floated its shares on the Frankfurt Stock Exchange in April 2018 and raised €375m to build a commercial property portfolio. Godewind boasts a full pipeline, a clean balance sheet, and excellent organic growth prospects as it aims to build a + €3bn portfolio over the mid term. Office assets totalling €708m are primed to deliver attractive rental income and earnings in 2019. We start coverage with a Buy rating and €5.50 price target.