TD News International: 30/07/2018

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Frankfurt: Union Investment buys one of the “Four” towers

30/07/2018 Union Investment will be investing in one of the four high rises of the “Four Frankfurt” quarter currently under construction. The planned 100 m office tower with 24,000 sqm lettable space will be added to the open-ended private real estate fund UniImmo: Deutschland. It is the first building of the quarter to be sold to [...]

Record investments in student units and micro-apartments

30/07/2018 Revenue from student and micro-apartments is booming. During the 1st half-year, investments in this asset class added up to more than €1.6bn, CBRE calculates. That is a new half-year record and a plus of 224 %. As both the number of units sold (+110 % to 8,800) and the total living space (+118 % to [...]

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Cologne: BPD invests €87mn in new apartments in “Ehrenveedel”

30/07/2018 BPD has purchased the last two construction lots of the “Ehrenveedel” development on the former freight yard Cologne-Ehrenfeld from Aurelis, for the purpose of building about 220 apartments with 21,500 sqm GFA. As the company told TD upon inquiry, the expected investment volume is around €87mn. Construction on the lots in the center of the [...]

DIC: Earnings spike thanks to fund sale and TLG dividend

30/07/2018 DIC Asset has increased its operative earnings (FFO) by 7 % to €32.0mn and group earnings by 20 % to €23.9mn. Driver of the increase was the funds business, where income rose by an impressive 60 % to €11mn due in no small part to proceeds from the sale of the HighStreet-Balance fund to Corpus [...]

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Munich: Haupt plans Motel One on Schillerstraße

30/07/2018 Munich-based investor Hubert Haupt intends to build a Motel One with 280 rooms on Schillerstraße 3 and 3a in Munich. The complex currently houses the “City-Hotel” with 100 beds, a sports bar, a Beate Uhse boutique, and 35 apartments. The block had been purchased by Concrete Capital, a firm founded by Haupt, a few months ago. [...]

Zech Group buys modular construction firm Cadolto

30/07/2018 Cadolto Modulbau is now part of Zech Group. The Bremen-based group has acquired 75.1 % of shares in the modular steel construction specialist. In April, Zech had already bought the Austrian wood hybrid modular construction company Cree. Cadolto produces in Cadolzburg near Nuremberg and Krölpa, Thuringia, and has 350 employees. “The role of modular construction [...]