"IMMOFINANZ - Hold

Event: Company ad hoc regarding portfolio acquisition

Our conclusion
The portfolio is located outside of the city centre. The acquisition yield therefore was at 9.16% compared to 5.0% to 5.5% on average for Kassel (Source: Wüest & Partner). There is no investment backlog according to the company. The rather low rent level indicates that there is upside potential. 

This is a further step towards increasing BUWOG’s exposure in Germany in order to prepare the residential portfolio for a separation. We regard it as positive that IMMOFINANZ is also buying assets in markets that are not that much in the focus of other companies. 

Analysis
IMMOFINANZ buys a portfolio comprising 1,190 flats in Kassel (German State of Hesse) for EUR 45.8mn and with a total lettable space of 88,480sqm implying roughly EUR 520 per sqm. The annual gross rental income is EUR 4.2mn, implying a gross yield of 9.16%. The vacancy rate stands at 2.49%. The average rent per sqm/month is EUR 4.05 and therefore below the market average for Kassel of EUR 6.59 sqm/month and below the average rent level for the district Waldau of EUR 5.30 per sqm/month (Source: Mietspiegel Kassel). 

Close to three quarters of the portfolio are located in Kassel-Waldau, nearly one quarter in Kassel-Oberzwehren and the rest in Kassel-Eichwald. The price range for apartments in Kassel in average locations is EUR 550-900 per sqm for properties older than five years (Source: Immobilien Kompass Karte, Capital). 

Kassel’s population is expected to grow slightly until 2015 and from then on, a population decline of on average roughly 1.5% p.a. is forecasted. The effect on the residential market should be mitigated or compensated by an increasing number of single households and an increasing living space per person, assuming no acceleration of the development activity (Source: Stadt Kassel, Fachstelle Statistik)."

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