In 2021 LLB Immo KAG saw another record letting rate and further expanded its asset management division
Vienna, 16 March 2022. In spite of the still challenging economic environment LLB Immo KAG managed to outperform the previous year's record rate, increasing the letting results for managed real estate funds by 80%.
Also in 2021 LLB Immo KAG managed to continue the long-term and stable development of the five real estate funds under management, which focus on office and commercial properties in the core markets Austria and Germany, through pro-active asset management. To that end a total of 100 commercial leases comprising some 110,000 m² and a volume of approximately EUR 63 million were either newly concluded or renewed in the past year, which means an increase in volume by 80% compared to the year before.
Successful transactions in Austria included the long-term renewal of the lease concluded with an international automobile manufacturer for a space of 4,000 m² in Graz (Styria) and several renewals of contracts concerning retail properties in Kapfenberg (Styria) comprising some 9,000 m². In Germany, asset management concluded "corona" agreements with all operators primarily engaged in the hotel segment in the form of rent-free periods and long-term renewals of contracts for a space of around 40,000 m². In addition, in both countries all funds focused on lessees from the public sector and the medical sector, with new and renewed contracts for more than 15,000 m².
As at the end of 2021 the asset managers of the publicly offered open-ended LLB Semper Real Estate fund, LLB Immo KAG’s flagship, achieved an above-average occupancy rate of 96.07%. At the same time, the weighted average unexpired lease term (WAULT) of all lease contracts was successfully increased to over ten years, which is significantly above the market average.
"Also in the second year of the corona pandemic open and direct contacts with our lessees were more important than ever," says Michael Schoppe, Managing Director of LLB Immo KAG. As in the year before asset management developed joint solutions together with the lessees, offering reductions in rent and respites in connection with contract renewals. Space previously occupied by the restaurant & catering industry and office space that had become vacant due to the corona crisis smoothly passed to lessees from the health sector.
In 2021 asset management focused on sustainability. Green leases were successfully implemented and concluded. Furthermore, ESG requirements (e.g. use of sustainable building materials) were taken into account and implemented in connection with the maintenance and renovation of premises.
In order to continue to actively manage the current portfolio of around 90 properties of some 720,000 m² in Austria and Germany in the years to come, and to meet the local lessees' requirements, in particular direct relationships with the owners, the asset management division will expand its human resources also in 2022," says Michael Schoppe.
LLB Immo Kapitalanlagegesellschaft m.b.H. – a subsidiary of Liechtensteinische Landesbank (Österreich) AG, looks back on more than 15 highly successful years in working with real estate investment funds. It currently manages the multi-award winning LLB Semper Real Estate retail fund, a large-investor fund, two special funds and another retail fund of a total volume of some EUR 1.5 billion. LLB Immo KAG's experienced management team, which over the past few years has seen its numbers steadily reinforced with established experts, constantly works on sustainably expanding the company's overall portfolio.
LLB Group dates for your diary
- 25 March 2022, publication of the 2021 annual report
- 6 May 2022, 30th ordinary General Meeting of Shareholders (due to the corona pandemic, without the physical participation of shareholders)
- 24 August 2022, presentation of 2022 interim business result
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