TD News International Location: Magdeburg

The Grounds buys land for micro-apartments in Magdeburg

22/10/2018 The Grounds Real Estate Development has acquired a 2,740 sqm lot in Magdeburg’s Leipziger Straße district. The site is located on Halberstädter Straße 1 and will be home to 174 micro-apartments and about 5,070 sqm living space. Completion is anticipated for 2020 or 2021. The investment volume, The Grounds states, is about €16mn. The exit [...]

Four-star hotel in Magdeburg sold

11/07/2018 The four-star hotel “H+” in Magdeburg-Sudenburg has been sold. The new owner of the 243-room establishment is hotel operator Ido Michel, who will run it under his own brand “Michel Hotels” starting 1 January 2019. It is currently operated by H-Hotels. The hotel on Hansapark 2 was built in the mid-1990s. In addition to rooms, [...]

Magdeburg: MDR buys broadcasting building from Commerz Real

25/06/2018 The broadcasting company Mitteldeutscher Rundfunk (MDR) is buying its state broadcasting building in Magdeburg from Commerz Real’s closed real estate fund CFB 121. MDR is thus exercising its purchase option after having leased the property with over 15,000 sqm lettable space for 20 years. The fund, which contained only this complex on Stadtparkstraße 8, has [...]

The Grounds builds 750 apartments in Magdeburg

16/05/2018 The Grounds Real Estate Development has acquired a 38,200-sqm property for development in Magdeburg’s Alte Neustadt district. The company intends to build a city quarter with apartments, condominiums, 120 serviced apartments, 180 assisted living apartments, a day care center, and parking for 600 vehicles. The Grounds has stated that it foresees 750 residential units in [...]

Saint-Gobain builds logistics center near Magdeburg

12/02/2018 Saint-Gobain Building Distribution Deutschland (SGBDD) is having a new logistics center built in Sülzetal near Magdeburg. It will be developed on a 130,000 sqm lot in the Osterweddingen district and cost over €34mn; the state of Saxony-Anhalt is contributing about €4.7mn. Roughly 30,000 sqm logistics space will be built for the company, which is part [...]

Velero buys 700 apartments in Magdeburg and Neuruppin

04/07/2017 Velero Partners has purchased a portfolio of 360 residential units in Magdeburg and one of with 339 apartments in Neuruppin (Brandenburg) for the Luxemburg firm Asterion. The Magdeburg package earns annual net rental income of about €954,000 at a 20% vacancy rate. Velero quotes the initial yield at 6.4 %. The purchase price was likely [...]

Revcap buys City Carré in Magdeburg

07/06/2017 London-based Revcap has purchased the City Carré in Magdeburg. The seller is Wealthcap’s H.F.S. Immobilienfonds Deutschland 12. The complex on Ernst-Reuter-Allee has 91,000 sqm office and 30,000 sqm retail space as well as a CinemaxX complex with 8,000 sqm. As for the purchase price, Revcap only states that it was in the triple-digit millions. The [...]

Magdeburg: Success to open an Ibis Styles hotel in 2018

28/03/2017 The Success Hotel Group wants to open an Ibis Styles hotel in downtown Magdeburg in late 2018. The Stuttgart-based operator has signed a contract with Grundtec Bauregie for the 144-room hotel. The hotel will be built on the site of the former Altstadt hospital, which Grundtec had bought last year. The Magdeburg-based developer intends to [...]

Magdeburg: Rockspring buys Florapark for €117mn

28/11/2016 Rockspring Property Investment Managers has bought the shopping center Florapark in Magdeburg for around €117mn in an off-market deal. The seller of the complex with 66,500 sqm retail space, 90 units, and 2,700 parking spaces is London-based investment manager Chenavari. The largest tenants are the hypermarket chain real, Roller, TK Maxx, Medimax, C&A, Deichmann, dm, [...]

Office markets: highest take-up increase in Magdeburg

23/10/2015 Office space take-up in the first nine months rose by 22 % in the secondary markets, slightly more than in the top markets (19 %), according to the current DIP market report. The brokers’ association observed the strongest growth in Magdeburg (+110%). In Essen, take-up increased by 47%, in Leipzig by 32%, and in Nuremberg [...]