News from 11/27/2007
Düsseldorf: Tom Tailor to open showroom in Medienhafen
The Hamburg fashion house, Tom Tailor, will establish a presence in Düsseldorf’s Medienhafen, or Media Port. Up to now, the firm managed its sales activities in North Rhine-Westphalia only through a sales agency in Neuss. As of 2008, the fashion brand will be the sole user of an Art Nouveau villa on Dock 13 and will use it to showcase its newest collections. With Colliers Trombello Kölbel Immobilienconsulting GmbH acting as consultant and intermediary, Tom Tailor rented the ca. 1,100 sqm for a showroom and offices. The owner of the four-part architectural complex is AFIAA Anlagestiftung (Zurich/Switzerland).
Vivico: CA Immo’s bid for the project developer to be accepted?
According to a newspaper report, the German government has nearly sold the project developer Vivico for just under €1bn. Referring to financial circles, Financial Times Deutschland (FTD) reported that three bidders are still in the race: the Austrian company CA Immo and the U.S. investors Carlyle and Colony. FTD reported that CA Immo’s bid has the best prospects. The company, quoted on the stock exchange in Vienna, offered "by far" the highest sum. In addition, CA Immo is reported to have close contact to the private bank Sal. Oppenheim, which is advising the government in the transaction. The bank acted as a consultant for CA Immo during the company’s IPO and in the acquisition of a property portfolio from the state of Hesse. Also, Detlef Bierbaum, co-owner of Sal. Oppenheim, is reported to be a member of CA Immo’s board of directors.
Patrizia Immobilien AG: New acquisitions totaling €200mn for co-investment group
Patrizia Immobilien AG has acquired further residential and commercial properties with a total value of around €200mn for PATRoffice GmbH & Co. KG—the co-investment group of Patrizia Immobilien AG, the Dutch Stichting Pension Fund, and ATP Real Estate, Denmark. The purchases were concluded through two separate transactions. A portfolio containing solely commercial properties was acquired by the property fund of RREEF Spezial Invest GmbH (Deutsche Bank Group). The 32 objects in the portfolio are located in 25 German cities and include a total usable area of around 110,000 sqm. The second acquisition consists of four commercial properties and a residential area of ca. 11,000 sqm situated in Kaiserslautern. With the acquisitions, PATRoffice GmbH’s current inventory is €261mn. Through the co-investment group, a total of around €700mn is to be invested in German commercial property. Apart from its share in the co-investment group’s equity capital, Patrizia is mainly responsible for the acquisition of commercial properties and asset management.
Wiesbaden: Cornerstone laid for "Justizzentrum" PPP project
The cornerstone of the justice and administration center in Wiesbaden was laid yesterday. The project, located on Mainzer Straße, is one of the largest public-private partnerships (PPP) in Germany. On premises of around 33,000 sqm, some 49,000 sqm of aboveground gross floor area and a 500 space parking garage will be built. The project will be developed by HeWiPPP GmbH & Co. KG, a project company of OFB Projektentwicklung GmbH and Hannnover Leasing GmbH & Co. KG. Bilfinger Berger AG acts as general contractor; KSP Engel und Zimmermann were the planners and designers of the building. After completion in fall, 2009, the state of Hesse and its capital, Wiesbaden, will rent the architectural ensemble for 30 years.
Deutsche Wohnen AG: Net profit totaling €30mn expected for 2007
After a revaluation of its residential portfolio for 2007, Deutsche Wohnen AG is expecting revenues after taxes of around €30mn. When taking over Gehag in July, 2007, Deutsche Wohnen AG then estimated its annual net profit for the current year to be just €1mn. Based on a pro forma assumption that Gehag was owned by the concern since January, 2007, revenues in the first nine months amounted to €199.7mn. Gross yield from rent totaled €146.8mn, with a net yield of €129.6mn. Compared with the same period of the previous year, rents were increased by an average of 3%, the company stated, adding that new rentals were an important share of the revenues. The average rent for new rental agreements was €5.5/sqm, surpassing Deutsche Wohnen’s average rate by 14%.
CA Immo International: Shares in Russian business park acquired
CA Immo International’s project development fund, CA Immo New Europe, acquired 25% of the Avielen shares owned by Warimpex Finanz- und Beteiligungs AG. Together with St. Petersburg Airport, the project development company Avielen is developing the business park, "Airportcity," which after completion will include a total floor area of 90,000 sqm. Several office buildings are to be built, as well as a Crowne Plaza four-star hotel. The total investment amounts to some €390mn. Up to now, Warimpex’s share in the joint venture was 85%. St. Petersburg Airport continues to hold 15% of the the project company.