Nasdaq OMX Copenhagen A/S
Charlottenlund, August 14, 2024
Announcement no. 261
Value adjustment of properties
The company’s board of directors has assessed the German real estate portfolio of the German High Street Properties group at EUR 89.5 million as of June 30, 2024, resulting in a negative value adjustment of EUR 1,5 million in the 2nd quarter 2024 compared to the most recent property value as of December 31, 2023.
The total negative value adjustment in the financial report for the period January 1, to June 30, 2024, is thus EUR 1.5 million.
German property valuation since 31.12.2021:
German properties valuation EUR 100.7 million as of 31.12.2021
German properties valuation EUR 99.2 million as of 30.09.2022
German properties valuation EUR 96.0 million as of 31.12.2022
German properties valuation EUR 93.0 million as of 31.09.2023
German properties valuation EUR 91.0 million as of 31.12.2023
German properties valuation EUR 89.5 million as of 30.06.2024
The reason for the decrease in property value in 2nd quarter of 2024 is a combination of increasing yield requirement on German high street properties, along with a significant slowdown in the number of property transactions.
Any questions can be directed to the undersigned on +45 8110 0800.
Sincerely, German High Street Properties A/S
Hans Thygesen
Chairman of the Board