News from 06/26/2007
Commerz Grundbesitz Gruppe (CGG) has either bought or sold more property in the past twelve months than ever before. The transaction volume amounted to €3.5bn (previous year: €2.7bn). Business activities spread to two additional countries: Luxemburg and Japan; with the public property fund managed by CGI, CGG continues the upward trend it started in the middle of 2005.
Frankfurt Region: British buy new development project in Bad Homburg
The new development project 2 Waisenhausstraße in Bad Homburg's pedestrian zone was sold to a British company. Seller of the new development with a usable area of approximately 1,500 m² is a private investor. Kemper's accompanied the transaction in an advisory capacity. Silence was agreed to concerning the purchase price. The fashion chain Strauss Innovation recently leased around 620 m² of sales area in the building. The property's additional area is intended predominantly for residences.
Dresden: IVG sells “MicroPolis� business park
IVG Management GmbH has sold the MicroPolis business park to the Luxemburg Micro-Polis S.á.r.l., which is represented in Germany through CIT Europe Ltd. Bauenberg GmbH was established for management of the property. MicroPolis is an area of 190,000 m². On the high-tech site, there are 40,000 m² of office, commercial, and storage area; the expansion potential amounts to 20,000 m². Furthermore, there is a high-tech complex with 16,500 m² of area, as well as a conference center, at the site. The resident firm is active in the following industries: microelectronics, high technology, information and communication technology, medical technology, environmental analysis, training, and service.
Deutsche Gesellschaft für Immobilienfonds mbH (Degi) is investing around €38mn in an office development project in Toulouse, France, for its open-ended property fund Degi International. The total area of 13,810 m² shall be finished at the beginning of 2008.
The Bavarian Housing Industry warns of a considerable increase in Munich's rent prices. According to the firms' point of view, the main reason for the tightening of market conditions is the low level of new construction activities. A good 10,000 people move to the metropolis on the Isar River each year. To relieve market conditions, tax incentives are being requested for the construction of new residences.