News from 03/05/2008
Berlin Hyp: New business reaches record high in 2007
The property financier Berlin Hyp significantly expanded its new business in 2007 to a new record level of €4.2bn (2006: €2.9bn). Board chairman Jan Bettink said at a presentation of the firm's numbers in Berlin that he now sees his company as among the leading providers in Germany. Due to positive development in new loans business, the net interest and commission income increased by 29% to €8.9mn (2006: €6.9mn). In all, the interest and commissions surplus surpassed last year’s already good results (€224.3mn) by €10.3mn, attaining €234.6mn. “We assume that the high level in 2007 will be difficult to maintain in the current financial year,” said Betting. He added that the bank does not “have a single Euro in structured securities” and that it will continue to adhere to its conservative risk strategy. The Bank anticipates solid business development for new transactions in real estate financing as a result of price stabilisation in Germany. In business abroad, even further impetus for growth is expected.
Immofinanz: Sale of CPB arouses speculation
The property branch of CPB Constantia Privatbank, Vienna, which manages the Immofinanz and Immoeast companies, might be sold separately from its parent firm. Austrian media reported that this possibility is being discussed in financial circles. The favorite to take over the Austrian bank specializing in wealthy private customers and foundations is said to be Credit Suisse which is only interested in CPB’s private customers branch. The candidate for taking over the bank’s property business is the U.S. fund Apollo. According to Austrian media, Constantia Privatbank’s management contracts with Immofinanz and Immoeast are valued at €850mn, with a property portfolio worth some €18bn. börse-express reported that Morgan Stanley analysts are confounded by the fact that the management contracts for Immofinanz were prolonged for a period of eight years as recently as last year. A statement issued by Bankhaus Kempen said that a takeover of CPB would be “a comprehensible first step” for an investor interested in Immofinanz/Immoeast.
Neuss: Cornerstone laid for €80mn logistics center
The Fiege Group laid the cornerstone for a logistics center in Neuss-Uedesheim that will have a 83,500 sqm storage and logistics area and more than 5,000 sqm office space. The center is being built on 16 ha in the commercial center “Tucher Strasse” close to the A57 expressway. Deka Immobilien is investing some €80mn in the project. Already, TechnoCargo Logistik (TCL), a joint venture formed by the Vaillant Group and Fiege, and the center's first firm operator, is committed to 40,000 sqm in a multi-user hall complex. The rest of the logistics area is still being offered to other companies.
Berlin: IVG Development to build InterCity-Hotel in Schönefeld
A new InterCity-Hotel including 200 rooms, six conference halls and a wellness area will be built by 2010 next to the Berlin-Schönefeld Airport. IVG Development GmbH’s Berlin branch will be the builder-owner. A 20-year operating lease was signed with InterCityHotel GmbH, Frankfurt, a company owned by Steigenberger Hotel Group. The hotel will be located next to the urban railway station across from the existing airport terminal.
Frankfurt: Plans for Park Inn-Hotel in “Gateway Gardens”
At Frankfurt International Airport, a Park Inn-Hotel including 209 rooms, a restaurant and an underground garage is to be completed by spring 2010. The Rezidor Hotel Group, a Belgian company, announced that the hotel is to be built directly in front of terminal 2 and will be part of a new urban project called “Gateway Gardens” located at the airport. The ca. 35 ha former U.S. residential project is being redeveloped for office, retail, residential and hotel use. Rezidor already operates a Radisson SAS hotel near the airport.
Darmstadt: Topping-out ceremony for Hochtief’s “Auge” project in the “TZ Rhein Main”
Representatives of Hochtief Projektentwicklung celebrated the topping-out ceremony for the office project “Auge” (eye) at the entrance to the technology center “TZ Rhein Main” in Darmstadt. Completion of the seven-story object is scheduled for fall, 2008. Of the ca. 15,000 sqm office space, 90% are rented to T-Systems. T-System's 800 employees currently located in Darmstadt and Griesheim will move into the new building. On the “TZ Rhein Main” area, measuring some 20 ha, office buildings, parking garages as well as recreational and local supply facilities on a total floor area of some 284,000 sqm, should be fully developed by 2012. Corpus Sireo is responsible for developing of the area. In addition to the “Auge” building, Hochtief is currently constructing a parking garage with 1,000 parking spaces on the “TZ” area.