TD News International: 27/07/2018

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Bayerische Hausbau: Brandstetter is new head – 2017 revenue down

27/07/2018 Bayerische Hausbau appointed Hermann Brandstetter as its new head in mid-July, replacing Jürgen Büllesbach, who had already communicated his departure last January. Brandstetter was previously responsible for real estate and accounting in the company’s Executive Board. The Schörghuber Group subsidiary, based in Munich, generated turnover of €211.1mn in the past financial year, €57.4mn of that [...]

Corestate: New value-add fund expected to bring 16%

27/07/2018 Corestate intends to invest €100mn to €150mn in value-add asset class properties for club deal customers. The investment company has therefore announced its issue of a closed-ended vehicle (Reserved Alternative Investment Fund) in Luxembourg. The investment horizon is five years, the IRR target is 16%. The fund intends to purchase retail, office, and residential properties [...]

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Wöhr + Bauer buys office complex in Eschborn

27/07/2018 The Karl Group sold its 15,000-sqm property with three eight-story office buildings in the Eschborn Süd industrial park to Wöhr + Bauer in July. The site is located across from the German Stock Exchange. The Karl Group had acquired the properties from Gertler Estates in 2016 and began project management for the buildings under the [...]

Munich tightens rent control for municipal apartments

27/07/2018 The city of Munich decided yesterday on a “municipal rent control” to be applied to the 37,000 apartments of the municipal housing associations GWG and GEWOFAG. Starting in August, rents for these apartments may only increase by 10% within five years. According to the nationwide rent control law, rents may be increased by 15% in [...]

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Halle: Goodman builds 65,000-sqm logistics warehouse for Home24

27/07/2018 The online furniture retailer Home24 will open its third German logistics warehouse in the “Starpark” industrial park in Halle, Saxony-Anhalt, as reported in the newspaper “Mitteldeutsche Zeitung”. Goodman, when contacted by TD, confirmed this. Six warehouses with a total area of 65,000 sqm will be built on a 33-hectare site which Goodman acquired from the [...]

Frankfurt: Commerzbank leases 34,800 sqm from RFR

27/07/2018 Commerzbank has confirmed that it has leased the “Cielo” office building at Theodor-Heuss-Allee 100-104, as was reported in the newspaper “Frankfurter Allgemeine Zeitung”. According to the newspaper, the building, with 34,800 sqm of lettable space, has been part of RFR’s portfolio since May. The lease term and renovation work have already begun. The “Cielo” consists [...]