GERHSPNasdaq CopenhagenReal Estate ServicesIFRS · EUR

GERMAN HIGH STREET PROPERTIES A/S

GERMAN HIGH STREET PROPERTIES A/S is a Danish real estate company focused on holding and managing commercial property interests in Germany. Its business is centered on German high-street locations, where value is driven by rental income, tenant mix, and property management.

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Revenue5.0m EUR
+5.9 %y/y
Operating profit (EBIT)-5.4m EUR
−421.8 %y/y
EBIT margin-109.4%
−145.4 ppy/y
Net income-5.9m EUR
−1,117.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-7.5-5.0-2.50.02.55.07.5m EUR2020: 5.9 m EUR2020: EBIT -6.4 m EUR20202021: 5.7 m EUR2021: EBIT 4.9 m EUR20212022: 4.7 m EUR2022: EBIT -3.1 m EUR20222023: 4.5 m EUR2023: EBIT -3.5 m EUR20232024: 4.7 m EUR2024: EBIT 1.7 m EUR20242025: 5.0 m EUR2025: EBIT -5.4 m EUR20255.0-5.4
RevenueOperating profit (EBIT)
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Business

Share of revenue
Property ownership55 %

Direct ownership of income-producing commercial real estate assets.

Property leasing30 %

Rental income from tenants occupying retail and other street-front premises.

Asset management10 %

Management of property portfolios, lease structures, and occupancy performance.

Property administration5 %

Tenant coordination, maintenance oversight, and administrative support for holdings.

Customers

The company’s customers are tenants of German high-street properties, typically retail and service businesses that need visible, well-located storefront space. Income depends on leased space, occupancy, and the credit quality of tenants, so tenant selection and lease renewal behavior are central to the business model.

Retail tenants

Shops and branded retailers leasing high-street units for visibility and customer traffic.

Service businesses

Banks, personal services, and other occupiers needing street-level presence.

Local commercial occupiers

Smaller tenants renting premises in core urban shopping areas.

Strategy

The company’s strategic position is built around owning and managing high-street assets in Germany, where location and tenant quality are the main value drivers. Preserving occupancy, renewing leases, and maintaining attractive properties are central to supporting stable rental cash flows over time.

Maintain occupancy and lease renewalsShort term

Rental income depends on keeping units leased and tenants renewing on acceptable terms.

Protect asset qualityMedium term

High-street value is tied to location quality, building condition, and tenant attractiveness.

Manage market exposure in GermanyMedium term

The portfolio is concentrated in one country, so local property demand and regulations matter.

Geography

The company is based in Denmark but its economic exposure is tied to German commercial property. Germany is the relevant operating market because tenant demand, rent levels, and vacancy trends are determined by local property conditions there.

Risks

The main risks are tenant vacancy, rent pressure, and property valuation changes, all of which can affect cash flows and asset values in a concentrated real estate portfolio. Because the company is exposed to German retail property, it is also vulnerable to local economic conditions, shifts in shopping behavior, and financing or refinancing conditions.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Tenant vacancy and turnover1Property valuation changes2Geographic concentration in Germany3Tenant credit deterioration4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Tenant vacancy and turnoverImpact: HighLikelihood: Medium

    Rental income depends on keeping storefronts occupied and re-leased promptly.

    Exposure: German high-street retail assets

  2. Property valuation changesImpact: HighLikelihood: Medium

    Commercial property values move with yields, rental prospects, and market sentiment.

    Exposure: Investment property portfolio

  3. Geographic concentration in GermanyImpact: MediumLikelihood: High

    A single-country asset base increases exposure to local market and regulatory shifts.

    Exposure: Germany

  4. Tenant credit deteriorationImpact: MediumLikelihood: Medium

    Tenant stress can lead to arrears, renegotiations, or lease failures.

    Exposure: Retail and service tenants

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Accounting

Judgemental items
Investment property valuation

Fair value estimates can materially affect the balance sheet and profit or loss.

Impact: Portfolio value and net asset value

Lease income recognition

Rental revenue depends on lease terms, occupancy, and timing of billings.

Impact: Revenue and recurring cash flow

Fair value assumptions

Discount rates and cap rates can significantly change reported property values.

Impact: Reported asset values and gains/losses

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Last updated: 24/10/2026