News from 09/27/2007
Cologne: Provinzial sells Crowne Plaza Hotel at Rudolfplatz
Provinzial Lebensversicherung AG sells the Crowne Plaza Hotel containing 301 rooms at Rudolfplatz to a group of Spanish investors. According to Kölner Stadt-Anzeiger, the purchase price is €50mn. Also, at the end of 2007, the lease contract concluded with the operator of the Hotel, Intercontinental Hotels Group, will expire. The Spanish investors’ group intends to re-open the Hotel to be operated by another company on January 1st, 2008.
Düsseldorf: Energy company rents 22,000 sqm in Medienhafen
The "Capricorn-Haus" located in Düsseldorf’s Medienhafen has been fully rented to an energy company. According to a press release by Colliers Trombello Kölbel Immobilienconsulting GmbH, the broker firm which acted as an intermediary and consultant in the deal, a newly founded concern subsidiary being active in the trading business will rent all the 22,000 sqm in the building. Referring to informants from within the property industry, Immobilienzeitung reports that the company is E.ON. Until the end of this year, one floor is to be occupied by the company already; at the beginning of 2008, the firm will move into the remaining area of the building. The construction of Capricorn-Haus has been completed as early as May, 2006. It also contains 510 parking spaces.
Berlin: Danes invest €34mn in FU’s convention hotel
The Danish property company Baltic Property Trust (BPT) invests ca. €34mn in a science and conventions center on the campus of Freie Universität Berlin (FU) in Berlin’s Dahlem district. Investing in the first privately financed property object of this kind in Germany, BPT Asset Management collaborates with FU Berlin and the hotel company Seminaris-Gruppe. The architects’ office Murphy/Jahn, Chicago, supplied the plans for the construction. The architectural ensemble consists of a convention building encompassing a surface area of 2,600 sqm, and a hotel providing 186 rooms. Completion of the project is scheduled for 2009.
Summit Germany: 40 units of commercial property acquired for €151mn
Summit Germany has announced the acquisition of 40 units of commercial property in Germany for around €151mn. The portfolio consists of 8 office, 8 logistics, and 24 retail buildings spread throughout Germany and encompasses a total usable surface of ca. 167,752 sqm. According to Summit Germany, annual rental income amounts to a total of €10.6mn. Tenants are, among others, the Federal Government, the Bertelsmann concern, Kuhne, and Edeka. Average duration of rental contracts is 9 years.
Warimpex: Austrians to construct Airportcity in St. Petersburg
In the Russian metropolis of St. Petersburg, the Austrian company Warimpex Finanz- und Beteiligungs AG will develop the business park "Airportcity". Forming a joint venture with St. Petersburg Airport, Warimpex will realize the project on Pulkovo International Airport, the Vienna newspaper Der Standard reports. Within the first stage of construction, around €120mn are to be invested in the construction of a four star hotel operated by an international hotel chain and three office buildings encompassing a total surface area of around 40,000 sqm. For the second stage, the development of further office units providing a rentable surface area of 50,000 to 60,000 sqm is planned.