TD News International: 04/02/2019

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Land tax: Federal and state governments agree on new model

04/02/2019 The German federal and state authorities agreed on a modal for calculating land tax on Friday. It is based on land value, average rent prices, and age of the property. Real estate associations are rejecting the concept: “This is not a compromise, but ultimately a value-based model in a different wrapper”, ZIA German Property Federation [...]

Berlin: LBBW finances Potsdamer Platz with €1.1bn

04/02/2019 LBBW as sole underwriter is issuing a €1.1bn loan to Brookfield Properties for financing the Potsdamer Platz quarter. The financing is a replacement of a bank consortium and will also be used for repositioning measures for the retail spaces. Planning is underway, particularly for the Potsdamer Platz Arkaden. Construction is scheduled to start in early [...]

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Berlin: Trockland foregoes land purchases near Checkpoint Charlie

04/02/2019 Berlin-based developer Trockland will not be buying the two controversial lots near Checkpoint Charlie in Berlin. The deadline for the purchase option passed on 31 January. The company decided “not to exercise the option due to uncertainty about the senate’s plans,” a Trockland spokesperson confirmed statements by Trockland Managing Director Yeheskel Nathaniel in a conversation with [...]

Patrizia sells Holiday Inn hotels in Essen and Neu-Isenburg

04/02/2019 Patrizia Immobilien has sold two Holiday Inn hotels in Essen and Neu-Isenburg. Colliers International had an exclusive mandate for the sale. The hotel in Essen (Frohnhauser Straße 6) has 168 rooms, the one in Neu-Isenburg (Wernher-von-Braun-Straße 12) has 164. “The market was very interested, demand for comparable products will remain undiminished in 2019,” says Detlef Kaiser, [...]

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Bielefeld: CBRE buys Hellmann logistics center

04/02/2019 CBRE Global Investors has acquired a cross docking logistics building in Bielefeld as part of a sale-and-lease-back deal. The building on Friedrich-Hagemann-Straße in the eastern part of the city has about 7,000 sqm floor space plus a 1,500 sqm storage hall. It was built last year by Hellmann Worldwide Logistics Group, who leased it back for [...]

Frankfurt: US financial services provider Baird is moving into the Omniturm

04/02/2019 Robert W. Baird GmbH has leased 1,300 sqm office space in Frankfurt’s Omniturm. The European subsidiary of US financial services provider Baird is currently headquartered in the K26 office tower on Neue Mainzer Straße 28 in Frankfurt. With this contract, 77 % of the 44,200 sqm office space in the 45-story structure are now leased, [...]