News from 07/24/2008
Deutsche Telekom: DeTeImmobilien goes to Strabag
Deutsche Telekom is selling its fully owned subsidiary DeTeImmobilien Service GmbH (DeTeImmobilien) to Strabag SE, Vienna, as of October 1, 2008. Deutsche Telekom's real estate will not be affected by the sale of its property service provider. DeTeImmobilien will continue to manage Deutsche Telekom's properties under a comprehensive contract with an initial term of ten years that was signed parallel to the sale. This ensures that the necessary facility management services will continue to be performed for Deutsche Telekom in future. Far-reaching agreements were made to guarantee the staff's jobs, wages and benefits, Telekom announced. DeTeImmobilien has some 6,240 employees and attained revenues of approximately €1bn during the 2007 business year. Both partners agreed to make no comments regarding the financial details of the transaction.
Weil am Rhein: Mfi AG wants to develop shopping center for €180mn
Mfi AG, Essen, wants to develop a shopping center with approximately 55,000 sqm of gross floor area in Weil am Rhein near Basel. It announced that the investment volume will range from €180mn to €190mn and that the project has the working title “Rhein-Arcaden”. The project site is an area measuring some 22,300 sqm on the hillside between Federal Highway B 3, the Friedensbrücke bridge and the Kaufring department store at the Rathausplatz which is to be integrated into the project. At the present planning stage, 27,000 sqm of sales area, 2,500 sqm for food, health and other services, 2,000 sqm for cultural and wellness use, plus 1,200 parking spaces are projected. Klaus-Martin Callhoff, Mfi’s division director for project development, told THOMAS DAILY that it hopes preliminary planning approval for the land-use plan will be given in the autumn. Commencement of construction is slated for the fall of 2009, completion for the autumn of 2011.
Invesco Real Estate: Hotels acquired in Hamburg and Stockholm for €230mn
Invesco Real Estate is acquiring the Marriott Courtyard Hotel in Stockholm and the Radisson Hotel in Hamburg for its Invesco Hotelimmobilienfonds fund. The total investment volume runs to around €230mn. The hotel in Stockholm is a project; the object in Hamburg will be modernized. Invesco reports that the sellers are the property firms Faktor and Azure, respectively. The Invesco hotel fund, a SICAV issued in Luxembourg, is targeting a portfolio made up of limited service and middle class hotels throughout the European Union focusing on the area where the Euro is the official currency. The total investment volume amounts to approximately €900mn, about half of which is still available for investment.
Duisburg: City seeks investor for €55.5mn PPP project
The city of Duisburg wants to establish a new vocational college in the framework of a public-private partnership (PPP) and has announced a European-wide competition for participation. The location of the project is to be the on the corner of Bismarckstrasse and Pappenstrasse in the city center. The project volume, including construction and operation of the college for 25 years, among other services, is specified at €55.5mn. Applications may be submitted until August 21. After the PPP project becomes operational, the existing locations – the vocational college at Burgplatz in Duisburg-Mitte and the Friedrich-Albert-Lange-Berufskolleg vocational college – are to be used in the framework of architect Norman Foster’s masterplan for urban enhancement of the inner city.
Lübeck region: Goodman plans 47,000 sqm logistics center
Goodman Germany wants to develop a logistics center in the Mecklenburg town of Schönberg, near Lübeck. A new building with a total area of 47,000 sqm is planned. The Schönberg city council wants to reach a decision regarding the expansion of the municipal commercial area by 21 hectares at a special meeting today, the daily newspaper Lübecker Nachrichten reported. A modification of the land-use plan is also necessary. Goodman wants to start construction work in September and rent the object afterwards.
Heidelberg: 610 Emmertsgrund apartments remain in municipal ownership
The 610 apartments located in the district of Emmertsgrund in Heidelberg are to remain under the ownership of the municipal residential company GGH. At its meeting on Wednesday evening, the Heidelberg city council voted against the sale of the residential units to a private investor. In a referendum held on July 13, a clear majority of the inhabitants had already opted against the sale. As the necessary participation quota was not reached, however, the result of the referendum was not decisive. Dresdner Grund- und Beteiligungsgesellschaft mbH & Co. KG (Dreges) was willing to pay approximately €30mn for the apartments.
Deka Immobilien: Acquisition in Helsinki for €50mn
For its fund WestInvest ImmoValue, Deka Immobilien has acquired an office and commercial building in Finland for €50mn. According to Deka, the object called “Kluuvikatu 3, K3” has 8,300 sqm of usable area, is well-rented and is located in the middle of Helsinki’s city center. The ground floor and the second floor have approximately 2,000 sqm retail space. Among the tenants are Max Mara and the chocolate manufacturer Fazer, which is still occupying its original seat. The office space in the building was recently modernized. The seller is a subsidiary of the British property fund Crownstone European Properties Ltd. The building is managed by Cambridge Place Investment.
Commerz Real: Office building near Paris acquired for €44mn
For its special fund CGS-Immo-Spezial, Commerz Real is acquiring the project called “Le Volta” in St. Denis near Paris. The purchase price is €44mn. The building has 6,887 sqm of office space and 163 parking spaces. Its completion is scheduled for the third quarter of 2009, and it is already firmly rented for nine years. The tenant is Forclum, an enterprise owned by the seller, Eiffage Immobilier. The property was awarded the French certificate for sustainability and has a rooftop solar system.