News from 09/03/2010
Karstadt: Department store concern bailed out
The road is definitively clear for investor Nicolas Berggruen’s takeover of Karstadt. After the creditors of Highstreet, the principle landlord, gave their approval to the required rent reductions and all of the necessary papers were signed, the Essen District Court accepted Klaus Hubert Görg’s insolvency plan this Friday afternoon, announcing that the conclusion of the agreement between the lenders’ consortium and the investor now fulfils the Court’s final requirement. Berggruen will thus receive the power of the keys for Karstadt Warenhaus GmbH with its approximately 25,000 employees on October 1.
Frankfurt region: LB Immo Invest acquires “Mainspitze” gallery in Raunheim
LB Immo Invest, based in Hamburg, has acquired the “Mainspitze” shopping gallery in Raunheim, near Frankfurt, for one of its special funds. This was confirmed by Hans-Dieter Martin, managing director of the fund company, in an interview with THOMAS DAILY. Martin made no statements regarding the amount of the transaction. The seller is the project developer ApiaGup1 seated in Rüsselsheim, which (as reported by THOMAS DAILY) renovated the passageway on Flörsheimer Strasse between June, 2009 and March, 2010, for approximately €20mn. The shopping passageway comprises 15 stores across 11,000 sqm of sales area; only one unit on the upper floor is not rented at the moment. A restaurant is a prospective tenant there. The anchor tenants are Aldi, Deichmann, Rossmann, Expert Klein, Takko and KiK.
Hamburg: Financing for “Tanzende Türme” finalized
The financing of the Bothe Richter Teherani designed office and hotel project in Hamburg called “Tanzende Türme” is being taken over by a consortium made up of Hamburger Sparkasse, Deutsche Hypo and Deutsche Genossenschafts-Hypothekenbank (DG Hyp). The new building is located at the entrance to the Reeperbahn and will cost approximately €180mn. The borrower is a special purpose vehicle of Vienna-based Strabag SE. Strabag AG and Arcotel Hotel AG have signed on as the principle tenants and will occupy 60% of the total of 65,000 sqm. The cornerstone for the project was laid back in May; completion is slated for the summer of 2012.
Frankfurt: Swiss Life celebrates groundbreaking for 149 apartments in Riedberg
The Swiss life insurer, Swiss Life, has celebrated the groundbreaking ceremony for its apartment project in the Riedberg district of Frankfurt. Swiss Life is developing an ensemble of ten separate buildings with 149 apartments for rent (13,325 sqm of living space) and an underground garage with 150 parking spots on a plot measuring 10,914 sqm. According to previous announcements, the investment volume totals €35mn. The first residents are to take occupancy in about two years. Riedberg is one of the last sizable areas for new construction in Frankfurt. Edwin Schwarz, head of the planning department, declared at the groundbreaking that the city's policy is to concentrate on vacant lot infill and increased density.
X-tern: Competitors divide facility management service
X-tern, a facility manager based in Koblenz, has been saved. Insolvency administrator Jens Lieser announced that two investors are taking over parts of its business operations. X-tern’s technical facility management division went to Schnabel ImmobilienServices GmbH on September 1. The infrastructural facility management division was acquired by Wach- und Schliessdienst Josef Lauer GmbH & Co. KG, a security firm. Lieser added that the board of creditors approved the deals with the two investors and that the contracts have already been signed. X-tern filed for insolvency at the Koblenz District Court in mid-June.
Hamburg: Centrum acquires Karstadt Sports house, plans to expand
Centrum Grundstücksgesellschaft, seated in Düsseldorf, has acquired the Karstadt Sports store located on the corner of Mönckebergstrasse and Spitalerstrasse in Hamburg. The transaction was brokered by Comfort Hamburg, which also developed a new concept for the property together with the new owner. Both demolition of the front part of the building and construction of a new six-story commercial building are now planned. In this context, two new retail areas with a total size of 2,700 sqm will be developed on four floors; office space totaling 1,100 sqm is projected on the 5th and 6th floors. Karstadt Sports will remain at this location as a tenant. For both additional new retail areas, Comfort has already found tenants.
Dresden: City council approves B plan for Albertplatz shopping center
The development of a shopping center planned for Albertplatz in Dresden is drawing nearer: at its meeting on Thursday, a narrow majority of the city council approved the master plan for the project promoted by DresdenBau und Projektierungs GmbH. 7,000 sqm of sales space are to be developed in the new building. Moreover, the vacant DVB high-rise – the former seat of Dresden's municipal transport services – is to be renovated. Restaurant, office and residential space on a gross floor area totaling some 15,900 sqm is planned here. A two-story underground garage with up to 450 parking spots is projected as well.