First Berlin – Godewind Immobilien AG Research Update (08/01/2020)

First Berlin Equity Research has published a research update on Godewind Immobilien AG (ISIN: DE000A2G8XX3). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 6.00 price target.

Godewind (GWD) refinanced Frankfurt Airport Center (FAC) with a redemption-free loan agreement for €130m. The new facility features a six year maturity and a 1.2% coupon compared to the old €92m loan at 1.87%. The improved terms owe to the successful vacancy reduction at FAC from 18% at acquisition to 3.8%. This drove some 39% in revaluation uplift since the property was acquired in December 2018 for €168m. The deal strengthens earnings and the capital structure, while creating financial flexibility for further growth. Our rating remains Buy with a €6 price target.