News from 03/27/2007
GWB Immobilien: Further growth with shopping and retail centers
GWB Immobilien AG has begun construction of a property portfolio of shopping and retail centers which shall reach a volume of €200mn in the intermediate term. In addition, GWB wants to strengthen its investment in revitalization properties. According to CEO Norbert Herrmann, investment in the development of retail properties in small and medium-sized cities shall be extended from just under €66mn (end of 2006) to €120mn. GWB is currently reviewing the market potential of 1,386 locations for new development projects. With 10 from a total of 183 possible cities, GWB is already conducting intensive negotiations, said Herrmann. The firm is currently working on a €200mn pipeline.
Dutch Real Estate Investments GmbH (DREI), Cologne, subsidiary of the Dutch property concern Newomij, wants to develop a property portfolio of over €200mn in the next five years. The primary focus shall be on the Rheinland, including Cologne, Düsseldorf, and Bonn. The center of focus shall be new development and existing supply for residential usage.
Colonia Real Estate AG (CRE) plans more acquisitions of residential and commercial properties. The firm has already achieved its end-of-year goal: To develop and maintain a residential portfolio of 20,000 units.
DIC Asset: First REIT planned for the end of the year
According to press reports, DIC Asset AG plans the introduction of its first REIT by the end of the year. A complete reorganization of the firm into a REIT is, however, not intended, according to information from the CEO, Ulrich Höller.
Berlin: Meermann plans new office building downtown
Together with the Chamartin Group, Meermann Regional is planning a new development on Berlin's Reinhardstraße. The mixed-used building shall offer mainly office areas. As THOMAS DAILY learned from Meermann, the new building shall possess 19,000 m² to 20,000 m² of gross surface area and be completed by the end of 2009. Meermann quotes an investment volume of around €55mn. At the beginning of 2008, demolition of Humboldt University's North Mensa begins. Completion of the new building is planned for the end of 2009.
The face of Duisburg's downtown area could change completely in the next 20 years. Should the master plan that the London architectural office of Foster + Partners developed be implemented, 680,000 m² of gross area would be built. In their master plan, the architects itemize 45 projects which would invigorate the retail industry, eliminate gaps between buildings, and upgrade the downtown area to a residential location.
Bremen: Dutch buy commercial building downtown
Earlier this month, a Dutch fund company acquired a commercial building in Bremen at 82-88 Obernstraße. The property includes 6,000 m² of area, almost half (2,500 m²) of which is in use by Görgens, a textile outlet and the property's main, long-term tenant which opened its second KULT fashion store at the location in August 2007. Seller in the transaction, brokered by Lührmann, was Allianz Immobilien GmbH. The commercial building represents the fund company's first capital asset in Bremen.
Berlin: Gagfah takes over 570 residences in Pankow
In a transaction completed just last week, Gagfah acquired 586 residences at several locations (41-47a Arnold-Zweig-Straße; 8-8b, 12-12b Max-Lingner-Straße; 69-97 Trelleborger Straße; 28-33 Vinestraße; and 51-73, 44-52 Eschengraben) in Berlin's Pankow area. In a deal approved by the Bundestag's budget committee, the federal government sold the properties at a transaction volume of €30.5mn.
DKB wants to develop its residential portfolio substantially this year in eastern Germany. After the acquisition of 5,100 residences in Erfurt from Kommunalen Wohnungsgesellschaft Erfurt mbH, DKB is currently negotiating with investors over the acquisition of another 7,000 residences in the eastern states.