GERMAN HIGH STREET PROPERTIES A/S
Real estate·GERHSP · Nasdaq Copenhagen·Fiscal year to 31/12/2025
Investment in German commercial property.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Retail
End markets
DriverPositive impact: strengthens
“Key indicators point towards: • Gradually strengthening economic growth • Inflation stabilizing close to the 2% target • Improving real wage development • Increasing private consumption • Government spending acting as a supportive economic factor Within the real estate market, retail properties in prime high-street locations continue to demonstrate resilience. Demand for well-located retail premises remains strong, while secondary locations remain under pressure.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Demand for well-located retail premises is expected to remain stable with a slight positive development as investor confidence and consumer spending gradually improve. This development is expected to make reletting somewhat easier compared with previous years.”
Annual report 2025A · The company itself
Market
“Our secondary customer segments include retail chains that are tenants in our properties and ordinary renters.”
Annual report 2025A · The company itself
Market
“High-traffic retailers such as H&M, Mango, and GALERIA - Rosenheim have established themselves in this section. As of May 1, 2025, the property has been leased for an 8-year non-termination period to the clothing chain Only Stores Germany GmbH which is part of the Bestseller Group.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Construction
End markets
InputNegative impact: weakens
“However, reletting and tenant changes may still require improvements and modernization of certain lease units in order to meet tenants’ requirements and market standards.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The Group pursues profitable growth through strategic acquisitions, hands-on property renovation, and disciplined vacancy reduction across the portfolio.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Upgrade existing properties through targeted renovation programs that modernize building standards, attract higher-quality tenants, and lift rental levels and property valuations.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Real estate
End markets
StrategyPositive impact: strengthens
“The Group pursues profitable growth through strategic acquisitions, hands-on property renovation, and disciplined vacancy reduction across the portfolio.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The Group targets prime retail and mixed-use properties in central urban locations with strong footfall, proven tenant demand, and identifiable renovation upside. Acquisitions are evaluated on rental yield potential, the scope for physical improvements that drive higher rents, and the ability to reduce vacancy through active letting.”
Annual report 2025A · The company itself
Market
“Revenue Streams: Our revenue streams are generated through rental income from retail chains that are tenants in our properties and from ordinary renters.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens
Hospitality and leisure
End markets
Market
“Our secondary customer segments include retail chains that are tenants in our properties and ordinary renters.”
Annual report 2025A · The company itself
Market
“According to stock exchange announcement no. 283 of November 20, 2025, the property Ørbækvej 232, Odense, was acquired for EUR 3,358,000 (DKK 25,050,000) excluding acquisition costs, with transfer of ownership effective as of 31 December 2025. The property is leased to Burger King (Nordic Service Partners A/S) under a non-terminable lease agreement running until 1 October 2036, providing an annual net rental income of approximately EUR 215,000 (DKK 1,600,000).”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Circular economy and recycling
Regulation
StrategyPositive impact: strengthens
“The Group expects that recycling, and new technologies will support the opportunity to reduce CO2 emissions.”
Annual report 2025A · The company itself
Chains in: EU climate and energy policy strengthens
Electricity
Raw materials and inputs
StrategyPositive impact: strengthens
“The environmental impact of operating the portfolio is attempted to be reduced through minimizing energy consumption where it is economically justifiable and where it can lead to a reduction in operating costs.”
Annual report 2025A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Energy efficiency
Technology
StrategyPositive impact: strengthens
“The environmental impact of operating the portfolio is attempted to be reduced through minimizing energy consumption where it is economically justifiable and where it can lead to a reduction in operating costs.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
Equity and capital markets
Macro
Market
“Our primary customer segments include both small stock investors and institutional stock investors.”
Annual report 2025A · The company itself
USD vs DKK/EUR
Macro
StrategyPositive impact: strengthens
“The Group has also financed the German properties in EUR to reduce currency risk.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Interest rates
Macro
DriverPositive impact: strengthens
“In addition, the Group benefited from declining net interest expenses during the year. The decrease in interest costs was mainly driven by the general decline in market interest rates and the refinancing structure of the Group’s loan portfolio.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In 2025, the market for welllocated properties was characterized by generally lower valuation multiples (gross capitalization factors), see note 12. Lower valuation multiples on the German properties has led to a decrease in the value of German high street properties. Based on the valuation report as of December 31, 2025, the Group has decreased the value of the German property portfolio by EUR 6.6 million, from EUR 91.1 million to EUR 84.5 million.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Provided that financing conditions gradually improve, and interest rates stabilize at a slightly lower level, the Group’s result for 2026 before value adjustments and tax is expected to be in the range of EUR 0.2 – 0.8 million.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“However, this expectation remains subject to uncertainty related to the general macroeconomic environment, including potential changes in interest rates and geopolitical developments, which may negatively affect the Group’s results.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“The portfolio's value depends on its commercial operation and income and the development and pricing of investment properties in Germany - specifically, German high street properties.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The loans related to the Danish property bear interest at the 3-month Cibor + 1.75% margin.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Consumer spending
Macro
DriverPositive impact: strengthens
“The improvement in the result compared to 2024 is primarily attributable to higher rental income across the Group’s property portfolio. Rental income increased in 2025 compared to the previous year, reflecting both index-linked rent adjustments and improved letting conditions in several locations.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“This expected improvement is supported by rising real wages, declining inflation, and increased public investment, particularly in infrastructure and defence. Inflation has gradually moderated and is now approaching the European Central Bank target of around 2%, which is expected to support household purchasing power and strengthen private consumption.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Key indicators point towards: • Gradually strengthening economic growth • Inflation stabilizing close to the 2% target • Improving real wage development • Increasing private consumption • Government spending acting as a supportive economic factor Within the real estate market, retail properties in prime high-street locations continue to demonstrate resilience. Demand for well-located retail premises remains strong, while secondary locations remain under pressure.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Demand for well-located retail premises is expected to remain stable with a slight positive development as investor confidence and consumer spending gradually improve. This development is expected to make reletting somewhat easier compared with previous years.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“The general pricing of high street properties is influenced by several factors, among which are current inflation and expectations for future inflation, current interest rate levels and expectations for future interest rates, future property investors' demands for net yield for similar properties, the extent of new construction of various property types, demand for premises, general and local population development, general economic development, particularly economic growth, employment development, development in German private consumption, development in retail stores' turnover and earnings, and changes in the public sector's activity level and demand for premises.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“In 2025, the market for welllocated properties was characterized by generally lower valuation multiples (gross capitalization factors), see note 12. Lower valuation multiples on the German properties has led to a decrease in the value of German high street properties. Based on the valuation report as of December 31, 2025, the Group has decreased the value of the German property portfolio by EUR 6.6 million, from EUR 91.1 million to EUR 84.5 million.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“These include energy price shocks following geopolitical tensions in Europe, subdued global demand, and a period of elevated inflation. After two consecutive years of economic contraction, the German economy returned to modest growth in 2025, with GDP increasing by approximately 0.2%.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“The portfolio's value depends on its commercial operation and income and the development and pricing of investment properties in Germany - specifically, German high street properties.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Inflation
Macro
DriverPositive impact: strengthens
“This expected improvement is supported by rising real wages, declining inflation, and increased public investment, particularly in infrastructure and defence. Inflation has gradually moderated and is now approaching the European Central Bank target of around 2%, which is expected to support household purchasing power and strengthen private consumption.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“The general pricing of high street properties is influenced by several factors, among which are current inflation and expectations for future inflation, current interest rate levels and expectations for future interest rates, future property investors' demands for net yield for similar properties, the extent of new construction of various property types, demand for premises, general and local population development, general economic development, particularly economic growth, employment development, development in German private consumption, development in retail stores' turnover and earnings, and changes in the public sector's activity level and demand for premises.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“However, there is a risk that actual expenses may be higher than expected. External factors can also affect actual maintenance costs, including weather conditions, technical conditions, regulatory requirements, commercial decisions, development in general price levels, and lack of capacity in the market for labour and materials.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Employment
Macro
DriverMixed impact: mixed
“The general pricing of high street properties is influenced by several factors, among which are current inflation and expectations for future inflation, current interest rate levels and expectations for future interest rates, future property investors' demands for net yield for similar properties, the extent of new construction of various property types, demand for premises, general and local population development, general economic development, particularly economic growth, employment development, development in German private consumption, development in retail stores' turnover and earnings, and changes in the public sector's activity level and demand for premises.”
Annual report 2025A · The company itself
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“These include energy price shocks following geopolitical tensions in Europe, subdued global demand, and a period of elevated inflation. After two consecutive years of economic contraction, the German economy returned to modest growth in 2025, with GDP increasing by approximately 0.2%.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Despite these positive developments, several structural challenges remain. These include the ongoing energy transition, administrative and regulatory complexity, demographic pressures from an ageing workforce, relatively weak productivity growth, and continued geopolitical uncertainty affecting global trade.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“However, this expectation remains subject to uncertainty related to the general macroeconomic environment, including potential changes in interest rates and geopolitical developments, which may negatively affect the Group’s results.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“Risk assessment The primary risk in the social area is related to construction and renovation projects, where there is a risk of occupational accidents or non-compliance with collective agreements and labor standards among subcontractors.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“However, there is a risk that actual expenses may be higher than expected. External factors can also affect actual maintenance costs, including weather conditions, technical conditions, regulatory requirements, commercial decisions, development in general price levels, and lack of capacity in the market for labour and materials.”
Annual report 2025A · The company itself
Ageing population
Geography
DriverNegative impact: weakens
“Despite these positive developments, several structural challenges remain. These include the ongoing energy transition, administrative and regulatory complexity, demographic pressures from an ageing workforce, relatively weak productivity growth, and continued geopolitical uncertainty affecting global trade.”
Annual report 2025A · The company itself
Chains out: this strengthens Healthcare and hospitals, strengthens Medical devices, strengthens Hearing aids and hearing care
Climate change and extreme weather
Macro
InputNegative impact: weakens
“However, there is a risk that actual expenses may be higher than expected. External factors can also affect actual maintenance costs, including weather conditions, technical conditions, regulatory requirements, commercial decisions, development in general price levels, and lack of capacity in the market for labour and materials.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Labour regulation
Regulation
InputNegative impact: weakens
“We require our partners to ensure a healthy and safe working environment and to comply with applicable labor market legislation in the countries where we operate (Denmark and Germany).”
Annual report 2025A · The company itself
Urbanisation
Geography
DriverPositive impact: strengthens
“As the leading financial hub in Germany, population growth projection of around 5% during the next 15 years, Frankfurt is immune to some of the headwinds experienced in less vibrant areas of Germany.”
Annual report 2025A · The company itself
Denmark
Geography
Geography
“Built on thirteen prime high street properties in major German cities and one in Denmark, the Group is broadening its geographic scope into Scandinavia to capture attractive value-add opportunities and accelerate portfolio growth.”
Annual report 2025A · The company itself
Geography
“Grow through acquisitions by expanding in Scandinavia, Germany, Switzerland, and England, targeting properties with strong rental fundamentals and identifiable renovation upside.”
Annual report 2025A · The company itself
Geography
“Annual Report 2025 │ Expectations for 2026 Description of the Business Model Core Activities The Group aims to invest in well-located properties in cities with economic and demographic growth in Scandinavia, Germany, Switzerland, and England.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“Built on thirteen prime high street properties in major German cities and one in Denmark, the Group is broadening its geographic scope into Scandinavia to capture attractive value-add opportunities and accelerate portfolio growth.”
Annual report 2025A · The company itself
Geography
“Grow through acquisitions by expanding in Scandinavia, Germany, Switzerland, and England, targeting properties with strong rental fundamentals and identifiable renovation upside.”
Annual report 2025A · The company itself
Geography
“Annual Report 2025 │ Expectations for 2026 Description of the Business Model Core Activities The Group aims to invest in well-located properties in cities with economic and demographic growth in Scandinavia, Germany, Switzerland, and England.”
Annual report 2025A · The company itself
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“On the other hand, changes in regulatory requirements for environmental conditions can increase operating costs.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 0 bn EUR |
| Revenue growth vs. the year before, same method | 5.9 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | N/A |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | N/A |
| Growing | ✓ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.