International Campus doubles number of student apartments

International Campus AG has increased the number of student apartments under management to about 1,500 in the last few months. The Fizz Hannover and The Fizz Frankfurt Gallus were opened in time for the 2015/2016 winter semester. The first section of The Fizz Darmstadt residence, which is a listed building, was also opened. The residences in Hanover and Darmstadt are completely rented and the residence in Frankfurt Gallus is already some 95 percent booked. International Campus will continue to pursue its growth strategy: New student accommodations are planned in Cologne, Frankfurt, Aachen and Hamburg for example.

Horst Lieder, CEO of International Campus AG, commented: “We have opened three new student residences in time for the beginning of the new winter semester and have thereby more than doubled the number of apartments under management. Including the new student residences under development, International Campus will manage around 3,500 apartments and continue to show strong growth. “Our objective is to operate between 15 and 20 student residences in Germany’s “big seven” cities and growing university towns in the coming years,” continued Lieder.

Monday, 05.10.2015

Institutional investors plan increased investments in Germany and North America

Institutional investors plan to increase their investments in Germany and North America. The share of investments allocated to real estate is also set to rise markedly, with residential properties in particularly high demand. These are the key findings of the third annual survey conducted by Universal-Investment on the investment behaviour of institutional real estate investors. Partaking in the survey that was concluded in September 2015 were German institutional investors like pension funds and insurance companies with total assets under management of more than €100 billion. The real estate capital held by the respondents was approximately €8 billion. As such, the survey covered around 18 percent of the total market for real estate special funds in Germany.

Rising real estate allocation leads to continued fund inflows
The proportion of survey participants’ investments going into real estate currently stands at around 8 percent and is set to continue rising to above 12 percent as respondents maintained the very ambitious goal of 12 percent, which they had set in the previous year’s survey. This reflects the relatively high affinity to real estate of respondents to this survey compared with other market studies. “We have been noticing for some time now that institutional investors are using the ongoing low-interest phase to boost their real estate allocations. In comparison with other low-risk and low-volatility investment alternatives, yields of between 3 percent and 4 percent in the real estate area are currently exceedingly attractive to many investors,” Alexander Tannenbaum, Managing Director in charge of Universal-Investment’s Real Estate division, explains.

With regard to the type of real estate investment, the trend is heading increasingly towards indirect investment vehicles. Up to now, around 47.5 percent of respondents’ real estate investments were invested directly and about 52.5 percent through funds. In future, when making new investments, the investors surveyed plan to put 63.6 percent into indirect investment vehicles. This therefore confirms the trend towards indirect real estate investments seen in the previous year, because this share was only 60 percent in 2014. According to the current survey, 18.2 percent of new investments are set to flow into open-ended real estate special funds (previous year: 30 percent) under German law (Special AIFs pursuant to the German Investment Code (KAGB)) and 27.3 percent in SCS and SCSp (previous year: 10 percent), the Luxembourg counterparts of the German Investment-KG investment vehicle (SCS-société en commandite simple (common limited partnership); SCSp-société en commandite spéciale (special limited partnership)). Direct investments in real estate are still set to account for a share of 36.4 percent (previous year: 40 percent). “We are still observing an ongoing trend towards indirect forms of investment. In this segment, in turn, the focus is clearly on regulated investment vehicles. The perennial favourite of open-ended real estate special funds continues to be in high demand. The new focus this year is the high estimation for Luxembourg vehicles like the SCS. In contrast, the German version of this form of investment, the Investment-KG, still tends to play a subordinate role in institutional investors’ new investments,” Tannenbaum says.

Investor focus shifts to favour North America and Germany Regional investor behaviour is subject to ongoing changes in line with economic cycles and other market factors. Currently, German real estate holdings account for 64 percent (previous year: 72 percent) of respondents’ real estate allocations. Pan-European investments account for 28.2 percent (previous year: 24.30 percent). North America ranks third with 3.8 percent (previous year: 24.3 percent), followed by Asia with 3.8 percent (previous year: 0.8 percent). However, 67.5 percent of new investments are set to flow into Germany (previous year: 63.5 percent) and 5.7 percent into North America (previous year: 5.7 percent). New investments in the remaining parts of Europe will decline to 22.5 percent from 28.2 percent. “Again, the outlook here is interesting. Investors want to raise their allocations in North America and Germany in particular. Now Europe is more interesting as a supplement, and the Asian markets have partially lost their power of attraction too,” Tannenbaum says in explaining how investors plan to direct their new investments.

Residential properties head the wish list for new investments for the first time
There is a particular focus on residential properties in the planned new investments. Their share is set to double from the current holdings of 18.5 percent to a planned share of 37.9 percent. In the previous year, current holdings were still only at 19 percent and were set to be increased moderately to 21 percent. At the same time, office properties are losing their leading position in new investments, ranking only in second place behind residential properties with a share of 36.4 percent. Interest in future investments in logistics properties remains virtually unchanged at a 6.7 percent (current holdings: 6.8 percent). Planned future investments in retail properties have also declined significantly to 18.5 percent from current holdings of 26.7 percent. “These are extremely interesting results . It is not a new phenomenon that residential properties are seeing a renaissance as a form of investment for institutional investors. “However, the extent of the planned restructuring in the portfolios to the detriment of office and retail properties is remarkable,” Tannenbaum says in explaining the findings.

Monday, 05.10.2015

Omega Immobilien creates first alternative real estate fund

Integrated property manager Omega Immobilien is issuing its first alternative real estate fund, thereby expanding its scope of business to include the management and distribution of real estate fund vehicles. To this end, a new asset management company has been established: Omega Immobilien KVG.

The first specialized AIF (Alternative Investment Fund) of Omega, called “Omega Immobilienfonds Rheinland I”, is a fund vehicle for both professional and semi-professional investors. The fund management strategy is based on investor equity of 100 million euros and an overall investment volume of up to €200 million. Borrowed financing will not exceed 50 percent and the planned fund period is 10 years. The minimum subscription amount for each investor of the new fund is set at €10 million.

The geographic focus of „Omega Immobilienfonds Rheinland I“ lies on Cologne, Düsseldorf and Bonn, as well as selected communities in the affluent conurbations surrounding these cities. Alongside the current Fonds Rheinland I fund, Omega also plans to create more alternative real estate funds with a regional focus on high demographic growth regions across Germany. The investment company will offer three types of fund vehicle: 1) strategy-oriented funds 2) single-asset funds/single-portfolio funds and 3) funds for individual clients.

With its strategy-oriented funds Omega invests in properties with a regional focus on demographic growth regions or specific micro-locations across Germany with predictably good future prospects due to their power of attraction and regional centrality.

The single-asset funds and single-portfolio funds invest in properties with good development potential under a meticulous operative and strategic asset and property management.

OMEGA also works together with individual clients to design a customized investment strategy for their fund. Then, based on this strategy Omega searches for and acquires the desired property.

Monday, 05.10.2015

ADO Properties purchases 1,001 units in Berlin

ADO Properties S.A. has entered into agreements to purchase in total 1,001 units in Berlin of which 885 are residential units and 116 are commercial units. The acquisitions were structured as share deals in which ADO Properties acquires approx. 95% of the shares in several German entities from international fund and private investors. The purchase price for 100% of the acquired assets amounts to €137 million. Closing of the transactions is expected to occur at the end of October 2015. Approximately 70% of the portfolio is located in the districts of Prenzlauer Berg, Kreuzberg, Neukölln and other central districts with high rental growth potential. The rest of the portfolio is mostly in the north of Berlin in the district of Pankow. The properties in the central Berlin districts are predominantly Alt-Bau buildings from the turn of the century and the assets in Pankow were built in the 1990’s.

The acquired residential portfolio has an in-place rent of €6.5 sqm/month and vacancy rate between 2.3% for the Pankow portfolio and 3.3% for the inner-city locations. The Company expects new letting rents between €7.2 sqm/month for the Pankow portfolio and €8.8 sqm/month for the inner-city locations. 4 buildings of this portfolio with 35 units are planned for privatization. The commercial part in the portfolio has an in-place rent of 8.2 sqm/month and a vacancy rate of 12%.

The total annual net cold rent from the portfolios at purchase amounts to €6.4 million. The Company estimates that the portfolios will contribute to our annual FFO1 (from rental activities) based on our targeted LTV of 50% in an amount of €4 million at acquisition. The Company expects no material impact on NAV per share at acquisition and due to the characteristics of the acquired assets and their micro-locations we see good growth potential in the future.

Monday, 05.10.2015

lpha Industrial changes responsibilities within the company

Jörg Schröder
Georg Starck
Ulrich Wörner
Alpha Industrial is changing responsibilities within the company. In order to be able to adapt more quickly to the growing dynamism and speed of customer demands and markets in future, two renowned industry experts will take over dual leadership roles on the management board. In recognition of their outstanding performance and personal abilities in the expansion of Alpha Industrial to date, Georg Starck (45) has been appointed commercial managing director and Ulrich Wörner (48) technical managing director of Alpha Industrial.

After spending eight years building up Alpha Industrial, Jörg Schröder (48) will relinquish his management duties and will focus on the development of new markets and projects in his role as shareholder.

Jörg Schröder has access to a long-established network covering all key market areas in the life cycle of a property and the market players involved from business, politics and finance. Prior to developing Alpha Industrial into one of the leading German companies in the logistics and real estate sector, he held the position of managing partner at international project developer and investor, ProLogis. From 1999 to 2007 he built the company into the market leader in Germany. Schröder began his career in 1992 at a leading German construction company in the field of industrial construction and project development.

Georg Starck has headed up the asset and property management divisions for the entire Alpha Industrial portfolio since March 2012 and supports the purchase and development of new sites based on his experience in logistics project developments. From 2007 to 2012 he was employed as senior project manager at CBRE Global Investors (previously ING Real Estate Investment Management Germany). Among his other accomplishments at this company, he developed an industrial and logistics site with more than 520,000 sqm of space. Georg Starck qualified as a graduate engineer in the field of building operation in 1994 and as a real estate economist (ebs) in 2002.

Ulrich Wörner has been technical director at Alpha Industrial since the company was founded and has thus played a central role for sales, technology and quality control. He has also been the first point of contact for customers - from the contract award to the handover of the turnkey property. From 2000 to 2007, he was responsible for setting up and handling the technical project management of all realised properties at ProLogis in his role as first vice president. Following the completion of his studies to become a steel construction and specialist welding engineer, he started his career as an assembly supervisor at a leading German construction company and worked there from 1995 to 2000.

Monday, 05.10.2015

Immofinanz continues expansion in Germany

Immofinanz is continuing the expansion of its standing investment portfolio on the German market and presents another major office development project at the Expo Real. In the Düsseldorf Medienhafen, a new headquarters will be built for trivago. This modern complex will have roughly 26,000 sqm of rentable space in the first section. The investment costs are estimated at approx. €145 million. By mid-2018 the office portfolio in Germany will grow to nearly 200,000 sqm with annual rental income of up to approx. €40 million. The investment costs for the own developments amount to nearly €650 million. The German share of the standing investment portfolio will increase from approx. 7.5% to almost 17 % (including logistics) or almost 13 % (excluding logistics).

„The trivago corporate headquarters is our fourth development project on the Düsseldorf market for prime office properties and will raise our offering of space in this city to roughly 70,000 sqm. As a matter of fact, the lease with trivago also represents one of the largest single office rentals in Immofinanz's history“, indicated Oliver Schumy, CEO of Immofinanz. „The trivago building fits perfectly with our strategy and will be an attractive addition to our impressive list of flagship projects in North Rhine-Westphalia, which includes the Gerling Quartier in Cologne, the FLOAT office complex designed by Renzo Piano in Düsseldorf and the largest cluster project in the expansion of the RWTH Aachen. The 'Big-7' cities in Germany will also represent a geographical focal point for our future growth.“

Immofinanz's future portfolio in Germany
• Trivago Headquarters: approx. 26,000 sqm of rentable office space in the first section, completion in mid-2018; The new trivago corporate headquarters will be located on the Kesselstrasse in the Medienhafen, with sop architects responsible for the design. The six-storey, horizontally structured building will open towards the harbour basin and create a generous campus with an inviting atmosphere. The first building section, which has been leased in full to trivago, covers approx. 30,000 sqm (including 26,000 sqm of office space) and 570 parking spaces. Construction will start in spring 2016, and the first section is scheduled for completion in mid-2018. The second section can include further expansion space (up to approx. 16,000 sqm) for trivago and/or other tenants. The investment costs are expected to total approx. €200 million, including €145 million for the first section.
• Float: approx. 31,000 sqm, completion in Q1 2018; A prime office ensemble in the Medienhafen with six building sections designed by Pritzker Prize winner Renzo Piano. In addition to office areas starting on the first floor, the ground floor contains rental space for showrooms, retail and gastronomy facilities. The planned investments total approx. €155 million.
• Carlsquartier: approx. 3,800 sqm, completion in Q1 2017; Premium project in the so-called Central Business District containing space for offices, retail trade and gastronomy plus a two-storey underground garage for 64 cars. Investment costs of approx. €24 million.
• Panta Rhei: approx. 9,600 sqm, completed at the beginning of 2014; The Panta Rhei office building at Düsseldorf Airport was developed by Immofinanz and received LEED Gold certification in February 2015. It has approx. 9,600 sqm of rentable space and is almost fully occupied. The investment costs amounted to approx. €27 million.

• Gerling Quartier: approx. 75,000 sqm of rentable/saleable space; first section currently nearing completion, second phase to be completed by the end of 2017; The mixed use Gerling Quartier comprises approx. 75,000 sqm of rentable / saleable space (~30,000 sqm of prime apartments for sale, ~45,000 sqm of commercial space – primarily offices). Construction on the first section (145 apartments, 25,000 sqm of office space) will be completed shortly. The second phase is scheduled for completion by the end of 2017, whereby the investment for the commercial areas totals approx. €200 million.
• Hohenzollernring: approx. 11,700 sqm, completion at the end of 2017; Refurbishment of an existing building which has been owned by Immofinanz since 2007 and is located directly at an underground station. Nine stories are planned for offices, retail areas on the ground floor and first floor, and an underground garage with roughly 85 parking spaces. The investment costs total approx. €47 million.

• Cluster Produktionstechnik: approx. 29,000 sqm, completion in Q3 2016; The Cluster Produktionstechnik with roughly 29,000 sqm of rentable space is the largest technology cluster in the expansion of RWTH (Rheinisch-Westfälische-Technische Hochschule) Aachen. Plans call for the construction of up to 19 research clusters on 800,000 sqm and the creation of one of the largest technology-oriented research landscapes in Europe. Pre-rental agreements have already been signed for over 50 % of the rental areas in the Cluster Produktionstechnik and, together with the reported demand, will reach an occupancy level of 80 %. The investment costs total approx. €63 million.

The office projects currently under development in Germany (including the trivago headquarters, first section) have approx. 145,000 sqm of rentable space. These areas are expected to generate rental income of up to €34 million per year after completion. Together with the existing office properties, including the Panta Rhei at Düsseldorf Airport which was completed last year and is now almost fully rented, rental income from the German office segment is expected to increase up to €40 million per year.

Monday, 05.10.2015

Deka Realkredit Klassik debt fund acquires loan for real estate portfolio

The Deka Realkredit Klassik debt fund has acquired a senior €15 million tranche of a commercial real estate loan from DekaBank. This raises the Fund assets to more than €500 million, an increase of around €70 million since the beginning of the year. DekaBank has provided this finance against a portfolio of three office and two retail assets on behalf of the Schroder Real Estate managed fund Immobilien Europa Direkt (IED), an investment group of Zurich Investment Foundation. The assets are located in Berlin, Hamburg, Munich and Darmstadt. The loan volume totals €38.9 million.

The purchase allows the Deka Realkredit Klassik to further expand its German portfolio which now includes six loans. The Fund portfolio currently holds 27 real estate loans with an average loan-to-value ratio of less than 40 percent.

Monday, 05.10.2015

Catella establishes European residential investment management

Munich-based investment manager Catella Real Estate AG expands its competence with a new initiative in residential investment management.

The ambition of the initiative is to offer new residential funds for institutional clients, and to offer individual investment strategies for national and international investors seeking to extend their exposure in European residential investments. Catella will focus on acquisitions of both property and new developments, assisted by the European Catella Group network currently covering 12 countries.

Mr. Xavier Jongen will head the new residential investment management platform, as a member of the board of Catella Real Estate AG. Mr. Jongen has previously set up, with his team, a European residential investment platform, with equity of over €1.5 billion invested in European residential and student housing.

Monday, 05.10.2015

CBRE Global Investors acquires Glacis-Galerie Shopping Centre

CBRE Global Investors, on behalf of a separate account client, has acquired Glacis-Galerie Shopping Centre for approximately €145 million. The newly developed shopping centre is located in Neu-Ulm, Bavaria. The vendor was a joint venture between Procom and OFB.

The approximately 27,000 sq m shopping centre was opened in March 2015 and comprises two floors of retail and two parking floors providing at least 1,100 parking spaces. There are over 90 retail units and retailers include H&M, Zara, Media Markt, C&A, Rewe and Ochsner Sport.

CBRE Global Investors were advised by SQM as the broker, CBRE as the commercial advisors, Valteq as the technical advisors and Berwin Leighton Paisner LLP as tax and legal advisors.

Monday, 05.10.2015

Peach Property extends lease with Edeka in Erkrath

Peach Property Group AG, a specialist investor in high-potential residential and commercial properties, today announced a major rental success in its property portfolio. The company has extended its lease with Germany's largest food retailer, the Edeka Group for its commercial property in Erkrath near Düsseldorf ahead of time by over 16 years until the end of 2031. Furthermore, under the new agreement Edeka will rent the entire building with all commercial and residential units as the sole tenant; previously it had rented 95% of the total lettable space of 6,700 m².

In Peach Property Group's building at the centre of Erkrath-Hochdahl, located directly on the market square, the Edeka Group has run a freshness centre with a food market since 2005 and is now planning to make investments in the low single-digit million Euro range to modernize its space. In addition to an attractive, state-of-the-art store design, parts of the building and shop technology are also to be updated. Peach Property Group will also invest in modernising the entrance area as well as the building technology.

Peach Property Group had acquired the property in 2012 as part of a portfolio together with 143 apartments and other commercial units. The property is situated in an attractive location just a few kilometres from the centre of Düsseldorf and boasts an excellent transport network. From the Erkrath property alone Peach generates annual rental income adding up a seven-figure Euro sum.

The annual target rental income of all of Peach Property Group's investment properties, which make up 61% of the value of its property portfolio, currently amounts to € 10.8 million/CHF 11.5 million.

Monday, 05.10.2015

Bilfinger Real Estate wins management contract for 13 retail properties

Bilfinger Real Estate has won a management contract for 13 German retail properties from the portfolios of two open special alternative investment funds from TH Real Estate. The real-estate services provider assumes responsibility for the rental and property management services. Depending on the individual needs of each property, Bilfinger Real Estate will also take responsibility for center management of the retail properties.

The retail parks and shopping centers are part of the special alternative investment funds „German Retail Income Fund“ and „Core German Retail Fund“, which are run by Service-KVG IntReal. The properties are in Lower Saxony, Berlin, North Rhine-Westphalia, Hesse, Baden-Württemberg and Bavaria and have a total rental space of approximately 130,000 square meters.

Together with the center management contracts for the Neumarkt Galerie in Cologne and the RheinBerg Galerie in Bergisch-Gladbach from Deka Immobilien Bilfinger Real Estate has now won new management mandates for over 200,000 square meters of retail space in Germany this year. The real estate services provider currently manages 35 shopping centers and retail centers for clients throughout Germany.

Monday, 05.10.2015

Beltane acquires 42 Southwark Bridge Road

42 Southwark Bridge Road
Beltane Asset Management in a joint venture with affiliates of Angelo, Gordon & Co has confirmed it has completed the acquisition of 42 Southwark Bridge Road, SE1 from M&G Real Estate.

The 100,000 sq ft office block in Southwark is just 400m south of the River Thames. The transaction details were not disclosed but it is understood to have sold for around £50m.

A corner building on the junction of Southwark Bridge Road and Southwark Street, it occupies a 0.61-acre site and has an 85m frontage to Southwark Bridge Road.

The building is arranged over sub-basement, basement, ground and five upper floors and is let to Sunguard Availability Services until January 2018.

Monday, 05.10.2015

pbb provides £52 million financing to Prologis Targeted Europe Logistics Fund

pbb Deutsche Pfandbriefbank has provided a £52 million facility (approx. €70 million) to subsidiaries of Prologis Targeted Europe Logistics Fund FCP-FIS (PTELF), managed by Prologis Inc. The transaction closed in early September.

The facility provides long term financing for the equity used at acquisition of three prime logistics distribution centers in Enfield and Ryton. Two of the assets, located at Prologis Park Ryton, were developed by Prologis and completed in 2014. The Enfield asset was acquired by PT ELF in 2014 and is located in a prime distribution market in Greater London at Enfield.

Monday, 05.10.2015

Henley appoints Tom Tippetts as Managing Director

Tom Tippetts
Private equity real estate investor Henley has confirmed the appointment of Tom Tippetts as Managing Director of the firm’s newest division, Henley Camland LLP.

Previously Director of Land at Places for People, Tom has also held positions at Cofton Group, David Wilson Homes and Beazer Homes. He will now lead Henley Camland, a joint venture between Henley and placemaking and infrastructure firm Camland Projects, which was established in June of this year.

The new division has enabled Henley to enter the large scale master plan residential development land market for the first time, specialising in the delivery of ready-to-build-on land for scale housebuilders. Focusing on large (500 unit +) residential development sites, as well as more complex and challenging opportunities, the business will target land both in private and public ownership across both greenfield and brownfield sites.

Tom’s move follows the recent appointment of Stuart Savidge, who joins Henley as Chief Financial Officer, having previously worked as CFO and COO at CBRE Global Investment Partners. The expansion of the senior Henley team follows a number of recent milestones for Henley, including the firm entering the US real estate market for the first time, with a $100 million investment in WaterWalk, the USA’s first serviced apartment brand. The company has also completed its first acquisition in Germany and a second purchase in Holland this year.

Monday, 05.10.2015

Prime Cheshire residential development site brought to market

The site benefits from outline planning permission for 180 units, 30 per cent of which will be affordable homes. The housing mix will be agreed through the reserved matters process but is likely to comprise two, three, four and five bedroom properties. The site is being marketed by Savills, on behalf of The Crown Estate.

The 12.14 ha (30 acre) former industrial site, located next to Delamere Forest, has been designed to blend with the local woodland setting and will return over half the site as green space for local community uses, including allotments, woodland walks, wetlands and informal play areas.

The development is located approximately nine miles from Chester and is close to Delamere rail station, offering regular train services between Manchester and Chester.

Monday, 05.10.2015

Luke Condon joins Thor Equities

Thor Equities has announced the appointment of Luke Condon as Executive Director, European Investments.

Based in Thor Equities’ London office at 67/68 Jermyn Street, he will be responsible for overseeing the company’s transactions in key European markets including London, Paris, Milan and Madrid.

Condon spent 15 years at Knight Frank, most recently serving as a Partner and Head of International Investment for France, and previously as a member of the European Investment team. He has completed over 50 investment transactions in the retail, office, residential and industrial sectors throughout Europe including the UK, France, Germany, Belgium, Spain and Switzerland, with a total investment volume of more than $3.5 billion.

Monday, 05.10.2015

CLS Holdings acquires £10.2 million office building in Sutton

CLS Holdings plc announces that it has completed the purchase of Chancery House, St Nicholas Way, Sutton, SM1 for £10.2 million, representing a net initial yield of 7.0%.

The property comprises a 5,132 sq m (55,242 sq ft), self-contained, eight storey office building offering modern, flexible accommodation, the majority of which has been recently refurbished, and secure basement car parking. It is multi-let to 14 tenants with an average lease length of 5.5 years and has a vacancy level of 16%. CLS has identified asset management opportunities to improve the attractiveness of the building for its occupiers, and to attract further tenants to reduce the vacancy level.

Owing to its strategic location, outstanding transport links and diverse retail provision, Sutton is now an established office location within Greater London and is enjoying a regeneration of its town centre through substantial redevelopment.

Monday, 05.10.2015

Real I.S. sells pan-European Clover portfolio to Blackstone

Real I.S. has sold the pan-European, multi-sector Clover portfolio, which formed part of its Bayerische Grundvermögen II (BGV II) fund offered to institutional investors, to real estate funds managed by Blackstone.

The portfolio comprises a total of twelve properties with approximately 168,700 square meters of office, retail and logistics space and has a geographical reach covering Germany, France, UK and the Netherlands. Well-known anchor tenants in the portfolio's properties include Rewe, Netto, Hermes, Dachser, Rhenus as well as public-sector authorities, to name a few.

Knight Frank represented Real I.S.

Monday, 05.10.2015

Gaz-System S.A. leases 9,200 sq m at Cristal Park

Cristal Park
Gas Transmission Operator Gaz-System S.A. has signed a lease agreement for office space in the Cristal Park building in Warsaw. The company renewed its contract and selected additional space occupying approx. 9,200 sq m in total.

JLL advised the landlord– Azora Europa Spanish fund – during negotiations of the lease terms. Gaz-System S.A was represented by Colliers International.

Cristal Park, is a modern office building, offering approx. 10,500 sq m of leasable space on three floors. The building is located on Mszczonowska Street in the south-west of Warsaw, and is in close proximity to Aleje Jerozolimskie – one of the city’s main arteries and one of the major office locations in Warsaw. It was designed by the renowned Jems Architekci studio and is characterized by an elegant, classical façade providing excellent access to natural daylight as well as flexible and easy to arrange space. Cristal Park was commissioned for use in 2009.

Monday, 05.10.2015

Peab builds senior living Hallstahammar

Peab has been contracted to build a home for seniors in Hallstahammar in Västmanland. The client is Hallstahammar municipality and contract amounts to SEK 195 million.

The apartment building will consist of 100 apartments spread over three floors. The entrance will contain an open space and a restaurant and there will be another private section with a healthcare garden residents can relax in.

The project is a turnkey contract with construction start in September 2015 and opening is planned for August 2017.

Monday, 05.10.2015
The Netherlands

IDI Gazeley acquires 13 logistics warehouses

IDI Gazeley (Brookfield Logistics Properties) has confirmed the acquisition of a portfolio of 13 logistics warehouses in the Netherlands totalling more than 2 million sq ft (190,000 sq m). The deal represents IDI Gazeley’s first investment in the Netherlands and is intended to form the core of a growing logistics platform in the country.

The portfolio was acquired from Eurindustrial N.V., a Dutch real estate fund, and includes 13 properties spread across the major logistics hotspots in the Netherlands including Amsterdam, Venlo, and Venray. The individual buildings range in size up to 310,000 sq ft (29,000 sq m).

The assets within the portfolio have a high occupancy rate and are currently leased to a variety of leading logistics and distribution companies many of whom are already part of IDI Gazeley’s growing customer community, including UPS, Syncreon, Canon, and ND Logistics.

This transaction is the third major portfolio acquisition completed in the last 12 months.

IDI Gazeley was advised by DTZ Zadelhoff. Legal advice was provided by DLA Piper, whilst Tauw and ChandlerKBS provided environmental and technical advice respectively to the Buyer. Eurindustrial were advised by CBRE, legal advice was provided by Houthoff, tax advice by Deloitte, while CVO provided technical support to Eurindustrial.

Monday, 05.10.2015

Europa Capital completes sale of Tour Vista in Paris

Europa Capital together with local partner Balzac Real Estate Investment Management has concluded the sale of Tour Vista in Paris to private UK based investment group Alduwaliya Asset Management for a price in excess of €130 million reflecting a net initial yield of approximately 5%.

Tour Vista, a 15,700 sq m, 22-storey office tower located in Puteaux, close to La Defense, was acquired by Europa Fund IV in July 2013 from Pramerica's TMW Weltfonds. Since acquisition, Europa has undertaken a comprehensive refurbishment of the common areas, auditorium, meeting rooms, cafeteria and five vacant floors, four of which it subsequently leased, and also extended the leases of the two principal occupiers, Eurogroup and Reed Communications.

Alduwaliya was represented by BNP Paribas Real Estate, Alduwaliya's exclusive property advisor in France, Dentons and the notary Allez & Associes. Europa Capital was jointly represented by agents CBRE and JLL together with notary Le Breton & Associes.

Monday, 05.10.2015

Spanish property market update - the situation on the ground

According to the headlines, the Spanish property market has bounced back. The latest figures from the Association of Property Registrars show a 5.12% increase in Spanish house prices in the year to June 2015. The jump is the fastest rate of increase since the downturn, with a quarter on quarter rise of 2.8%.

So should buyers rush to Spain in search of that dream holiday home or investment property´ It depends on the area, counsels Marc Pritchard, Sales and Marketing Director of Spanish homebuilder Taylor Wimpey España.

„There are vast differences across Spain in terms of the property market's recovery,“ he explains. „Some areas, particularly coastal resorts that are popular with foreign buyers, are showing a marked recovery in prices and a really healthy market. Other regions are still struggling to turn their markets around though, so you need to do your homework regarding where to buy.“

While prices nationally remain some 29% below the market's former peak, areas like the Costa Blanca are enjoying steady and sustained progress.

„Right now, if it's a stable market that you are after in Spain then the Costa Blanca is looking particularly attractive,“ continues Marc. „The market there has picked up pace beautifully over the course of the past year and confidence has really returned to the local property sector. Coastal areas are definitely the place to buy at the moment, but the confidence is spreading slowly across the rest of the country.“

That confidence is reflected in recent sales figures. According to the Association of Property Registrars, some 87,187 property purchases were registered during April, May and June. The figure represents an increase of 11.1% compared to a year previously.

Monday, 05.10.2015

Barcelona Catalonia gets boost from recovery in real estate market

The real estate market in the office, industrial and logistics segments has definitely revived in Barcelona and Catalonia. This makes it particularly significant that Barcelona Catalonia, an initiative promoted by the Government of Catalonia through Incasòl and the Barcelona City Council, will be present at Expo Real from today through Wednesday 7 October in Munich.

This year, the Barcelona Catalonia presence at Expo Real will include Cimalsa, a public company of the Government of Catalonia that promotes and manages cargo transport and logistics infrastructures. The initiative will present projects looking to boost innovative activities, economic growth tied to research and new technology, and strategic transport hubs and business parks, with a total of 2 million sq m of land for industrial and logistics uses and more than 3 million sq m for offices. Some examples include: Ca n'Alemany, in Viladecans; Mas Blau, in El Prat de Llobregat and Parc de l'Alba, in Cerdanyola del Vallès.

Particularly noteworthy among these is Parc de l'Alba, which offers new investment opportunities with 1.5 million sq m of floor space available for housing and economic activities in industry, retail and logistics. It is a strategic project for Catalonia and one of the most advanced science, technology and business platforms in Europe, with the capacity to create 40,000 new jobs for highly qualified workers. The government's commitment and investment in this project has made it possible to build the Alba Synchrotron and to attract companies like IBM, Silc, Sener and T-Systems. It is worth noting that Incasol has recently sold approximately 38.000 sq m of floor in the park to Stradivarius, a fashion brand in the Inditex group, to build their new design center.

Barcelona Catalonia promotes the development of strategic projects for a new city and country model with close ties to the knowledge economy, in order to position Barcelona and Catalonia as hubs of innovation, promote new real estate developments, encourage the investment of foreign capital and attract cutting-edge companies.

Monday, 05.10.2015

Robust growth in global real estate investment as US dominates

Despite increased stock market volatility, uncertainty of events in China and the Middle East as well as the approaching return of US monetary tightening, real estate investors have delivered another robust year of rising volumes and values, according to annual research out today from Cushman & Wakefield.

The ‘Winning in Growth Cities’ report - an annual survey of global commercial real estate investment activity which lists the most successful cities in attracting capital - launched today at Expo Real in Munich. The report shows that global property investment rose 16% in the year to June (US$942.8bn) and now stands at its highest since 2008, just 13% below the pre-crisis peak.

However, the report also reveals that below the strong global performance, the market is far from uniform with results varying across regions and apparently established capital flows starting to change. Risk tolerances which have steadily loosened as the global economic recovery has taken hold over the past two years have reverted to type in the face of increased uncertainty in parts of the world.

This has resulted in a stronger flow back towards the most liquid and accessible markets. The report shows that top 25 gateway cities in terms of real estate investment saw their market share rise from 51% to 53%.

In number one spot, New York increased its market share, driven by foreign buying in particular. London was again the second largest market overall but top for foreign buyers, while Tokyo, Los Angeles and San Francisco made up the rest of the top 5 - unchanged on last year.

Report author David Hutchings, Head of EMEA Investment Strategy, Cushman & Wakefield, said: “Despite the strong overall growth and the major gateway cities remaining largely unmoved, change is more evident at regional levels.

“Europe is still a magnet for capital from all regions but North America has actually been the fastest growing target for foreign capital – a fact reflected in the dominance of US cities in this year’s report. Fourteen of the top 25 cities are in the USA, while Germany, the second most popular country by number, has just three cities making the list. Investment into these US cities grew by 32% compared to just 7% growth for non-US cities in the top 25.

“Outward investment by US players is also dominating global capital flows, accounting for 42% of all foreign investment between regions in the past year and growing by 25%. Asian investment globally comes in at number two, with a 25% market share, as investors’ search for greater global diversification has, if anything, been accelerated by fears of a regional slowdown but has also become more focused with the US a notable winner.”

The report also identifies the winning cities for 2016 and states that, while major geopolitical factors remain in play, local market conditions should be of greater note with a number of cities set to deliver steady rental growth thanks to constrained pipelines and firming demand.

Core gateway markets such as London, Berlin, Paris, Sydney, Tokyo, Shanghai, Seoul, New York, Boston and San Francisco offer potential – albeit with more risk taking needed to boost returns. Among Tier 2 markets, cities in Germany, the UK, USA and Japan will be a focus along with cities such as Madrid, Milan, Brussels, Austin and Raleigh-Durham, or looking for higher risk in markets such as Manila, Bengaluru, Mexico or Central & Eastern Europe.

Carlo Barel di Sant’Albano, CEO, Global Capital Markets, Cushman & Wakefield, added: “Looking ahead, while increased global uncertainty will continue to affect investors, corporate confidence is still generally high and, allied to the changes in demand being wrought by new living and working practices, this underpins a fundamentally robust outlook for good quality real estate. Our current forecast is for global volumes to rise 17% over the year to mid-2016, reaching a new record high of $1.1 tn - excluding development - led again by growth in Europe and North America.”

Warsaw saw investment totalling $1.76 bn in the year to June, making it the 76th largest market in the world and the 25th largest in Europe. However, while clearly a popular target, Poland’s capital has lost out in the past year as a relative shortage of opportunities has led to a fall in activity compared to the previous 12 months. This drop in activity is expected to be a short-term trend with an increase in volume being experienced in H2 2015. Prague actually moved ahead to take the crown with the largest investment volume in Central Europe for the period. Warsaw did manage to outperform other towns in Poland, with the rest of the country seeing a 41% fall in activity thanks in particular to a drop in the retail sector. Apartment volumes increased strongly, if from a low base, while office activity also increased, predominantly outside Warsaw.

Piotr Kaszyński, Partner, Head of Capital Markets in Poland, Cushman & Wakefield, said: “Polish properties remain at the top of the list for investors in Central and Eastern Europe. Poland is the largest investment market in this part of Europe. It continues to attract growing capital flows and a broadening audience of investors benefiting from relatively easy access to capital, strong macroeconomic fundamentals and competitive yields."

Monday, 05.10.2015

HotStats European Chain Hotels Market Review - Hotels in Budapest refusing to slow down

Hoteliers in Budapest recorded growth of 21.6% in RevPAR (Revenue per Available Room) this month, which contributed to an increase in GOPPAR (Gross Operating Profit per Available Room) of 20.5% as performance in the Hungarian capital goes from strength to strength, according to the latest data from HotStats.

With its capital remaining a hugely popular tourist destination, high volume levels and an under supply of quality hotels have fuelled strong room occupancy growth at hotels in the Hungarian capital, recorded at 92.6% for the month. This is enabling hoteliers to effectively leverage average room rates, resulting in the 14.8% year-on-year increase in this measure in August, to €96.24 from €83.85 during the same period in 2014. Hungary recorded a 12.5% year-on-year increase in visitor numbers in 2014 and if headline hotel performance is anything to go by it looks as if this growth has continued into 2015.

Positive movement in payroll (-1.3 percentage points) to just 24.5% of total revenue also contributed to the strong increase in profit. Year-to-date, hotels in Budapest have now recorded a 25.4% year-on-year increase in GOPPAR to €41.78, equivalent to a profit conversion of a respectable 36.4%.

Hamburg hotels lose out as major event moves
RevPAR levels at hotels in Hamburg declined by 5.3% this month, which was primarily due to a 7.7 percentage point drop in room occupancy, to 80.3% from 88.0% in August 2014. The drop in volume is as a result of Hamburg hotels missing demand associated with the highly successful Hamburg Cruise Days, an event which annually attracts in excess of 500,000 people to the city and typically takes place in August.

However, for 2015 this event has been moved to September. Whilst it is unlikely that this will impact annual performance levels for hotels in the German city, the decline in RevPAR contributed to an 8.7% decrease in TRevPAR for the month, to €147.31 from €161.31 during the same period in 2014. Despite this decline, hotels in Hamburg remain on course for a good year with hotels in the city recording a 3.3% year-on-year increase in GOPPAR for the eight months to August 2015.

Resurgence in performance continues for hotels in Madrid
The strong recovery in performance for hotels in Madrid continued into August illustrated by a 20.8% increase in RevPAR fuelled by significant increases in both room occupancy (+5.1 percentage points) and achieved average room rate (+8.4%).

Due, in part, to the contribution to growth this month, hotels in Madrid have recorded a year-to-date RevPAR increase of 15.4%, to €94.18 from €81.59 during the same period in 2014. This growth has contributed to a 30.2% year-on-year increase in GOPPAR in the eight months to August 2015, to €41.04 from €31.51 during the same period in 2014.

For hotels in Madrid, the tourism slump in 2013, which led to GOP levels at hotels in the capital plummeting by 28% in the month of August, seems to be a distant memory. Passenger numbers at Madrid Barajas Airport were up by 14% to 4.3 million for the month, with the strongest growth in the international market, which recorded a 16.3% year-on-year increase to 3.4 million. However, payroll levels at Madrid hotels remain high at 38.3 per cent of total revenue in the eight months to August 2015, which is suppressing GOP conversion at just 29.7% of total revenue.

Monday, 05.10.2015

Catella predicts a new density level in major European cities

It's getting more crowded in Europe's major cities - the number of inhabitants per square kilometre is increasing continuously. On average, the space per inhabitant has fallen in 17 studied European cities by a total of 8.2 percent since 2000. This compression has implications for tenants, policy, the housing and real estate industry, and the infrastructure responsibilities of municipalities.

In its latest Market Tracker “Densified cities – space is becoming scarce in Europe”, Catella Research examines the consequences of this condensation on the local real estate markets in major European cities.

“According to analysts, one main reason for this development is, superficially, the inflow into these cities. This urbanisation ultimately expresses the resurgent appeal of cities. It creates new occupational mobility patterns, new social typing and, especially, new lifestyles,” says Dr. Thomas Beyerle, Head of Group Research at Catella.

Although Europe is often perceived as very heterogeneous, as reflected in the surprisingly many parallels between the housing markets in cities such as Berlin, Helsinki, Paris, Madrid and London, there has been significant inward movement in the past 15 years. This is reflected in a „perceived tightness“ among residents, although the situation is still comfortable when compared to many global cities. The model image of the “compact city” is increasingly becoming a reality for Catella.

The trend towards luxury urban apartments in residential towers, with over 150 sqm of living space, such as in London, stands at one end of the size structure, with so-called micro-apartments averaging 24 sqm at the other end. The greatest number of housing completions per 1,000 inhabitants in 2015 is expected in France, Switzerland and Norway, with the fewest in Portugal, Spain and Hungary. European living area distribution by size class shows that 12 percent are classified as < 30 sqm and 23 percent as > 90 sqm. The largest segment, 65 percent, is the size class 31-89 sqm. The well-known concept of mini houses from Asian countries is finding its first followers. This form of housing is characterised primarily by „plug-and-play“ ideas. Capsule forms of housing, or modular concepts, are other modifications that will share an efficient use of space, predict the analysts.

“As a consequence, market participants should be clear that political authorities in cities or countries will increasingly regulate the „dynamic“ of property markets. For this reason alone, the real estate sector should contribute more of its expertise in planning processes, and focus on individual buildings. However, European markets will not have to worry about conditions similar to those in Tokyo, except for building rules, fire protection and the social understanding of this generalisation," Dr. Beyerle points out.

Monday, 05.10.2015

Asian capital still forms part and parcel of the European investment cycle

Despite mounting uncertainty in the global economy as a result of the Chinese stock market collapse, a tightening of monetary policy, improved occupier conditions and a lack of investment asset alternatives could stimulate an extension to the current EMEA property investment cycle into 2016 and beyond, according to Colliers International’s Q3 EMEA Capital Flows Report for 2015.

Richard Divall, Head of EMEA Cross Border Capital Markets, said: “While pricing may continue to tighten, especially in core markets which continue to be crowded, the global search for income and security will only serve to drive the market on, resulting in an extension of the EMEA investment cycle.”

European Capital Flows…
Colliers’ Q3 2015 Capital Flows Report shows that over the past 12 months, strong inflows to European retail funds and the ability of European REITs to raise capital through bond issuance, as a result of recent restructuring, has resulted in European-domiciled capital taking a much stronger position in Europe, accounting for 52 per cent of European investment activity between H2 2014 and H1 2015.

Colliers International goes on to predict that strong inflows of capital to Europe from domestic and international investors will result in record volumes being achieved in 2015 with these high levels of investment likely to continue on into 2016. H1 2015 investment totals reached €135 billion, 37% ahead of this time last year. The second half of the year typically represents a busier trading period, so European real estate investment levels should surpass those reached at the previous 2007 peak.

Richard Divall said: “The strengthening of occupier markets is starting to drive more significant growth outside of core markets, despite some economic concerns, which will help support investment returns in 2016. It is worth noting that Asia Pacific-domiciled capital accounted for only 5 per cent of European transactions from H2 2014 to H1 2015, so any short term withdrawal would have a minimal impact on a market which is buoyed by a diversity of North American and, increasingly, ‘domestic’ capital. In fact, it may actually take some much needed heat out of the market.”

No sign of the ‘Asian wave’ diminishing…
While the market may see a change in the sources of Asian capital engaging the European market, there is no sign of the ‘Asian Wave’ of capital diminishing any time soon, according to Colliers International’s report.

Richard Divall, said: “Although we are starting to see some Chinese capital ‘pulling out’ of existing transactions in Central London, we are seeing other forms of Chinese capital continue to pour into European real estate – a prime example being Xinjiang-based Hauling Industry and Trade Group’s £1.2bn (€1.6bn) investment in to three of Scarborough Group’s UK property schemes in Manchester, Leeds and Sheffield in mid-September. So we have very mixed messages, and a market with very limited understanding of how the Chinese stock market collapse will affect the Chinese Insurance Companies, State Owned Enterprises and private investors.”

The report shows the Asian investment into European real estates increased notably from 2010, with the pace of acquisitions accelerating from €4.2bn in 2010 to reach a peak of €13.1bn in 2013.

Damian Harrington, Head of EMEA research, explains: “This surge has been fuelled by new entrants and sources of capital. This, in turn, has been stimulated by factors such as deregulation, portfolio diversification and regional asymmetries in economic and property cycles. The composition of Asian investment has changed, and will continue to, as a result.”

Colliers’ research goes on to identify three distinct waves of Asian investment into European real estate: Long-term players such as Singapore, Hong Kong and Japanese capital; Mid-term entrants including Malaysian and Korean Pension Funds, as well as the China Sovereign Wealth Funds; and thirdly, ‘Fresh Capital’ which includes the likes of Chinese and Taiwanese insurance companies as well as more recent Thai investors and Singaporean-listed Indonesian developers.

Richard Divall adds: “While recent deal postponement looks likely to be a short term trend, there is evidence that more established Asian investors are switching strategies, seeking to crystallise solid returns in core markets, underpinned by strong pricing levels.”

Asia’s changing strategies…
In order to understand if and how Asian investors’ strategies have evolved over time, Colliers’ report compares the European investment track records for the different generations of Asian institutional capital.

Richard Divall explains the findings: “We are seeing Asian capital form part and parcel of the European investment cycle. Early entrants into the market are capitalising on strong returns and re-investing into markets, providing a stronger yield compression story and allowing for greater diversification.

“New entrants continue to take their place, with the usual cities like London, Paris, Madrid and the main German cities acting as gateway locations. This is primarily due to the fact that few of the ‘fresh capital’ operations have local offices in Europe – they also have relatively small teams which means they lack the resource to understand all European markets well enough to have comfort in a wider investment strategy. It is only Asian capital with local offices in Europe, like Fosun and Gingko Tree or more established players like GIC, which have the resource and understanding of the intricacies of local European cities to buy in second tier markets.”

The macro position…
Looking forward, Damian Harrington concludes: “At the last count, the Fed suggested a rate hike will happen in December, in response to a burgeoning domestic US economy, which has given markets some comfort that we’re heading back to a normalisation of monetary policy. It is therefore unlikely that a UK rate hike will happen before the Fed raises rates, putting this back to 2016.

“This delay in rate rises and a weakening Euro, coupled with a 50% reduction in oil prices, is filtering through to provide a positive impact in the US now, and should bolster consumer driven economic growth in Europe. However, the Chinese attempt to move from productive economy to a consumer and service based economy is a very challenging risk.

“So there may be a few bumps in the road ahead, but the consensus is that present conflict between politics, financial markets and the real economy should normalise through to summer 2016.”

Monday, 05.10.2015

Overcoming the housing shortage one of the greatest challenges

The trend towards urbanisation continues unabated in Europe and is increasingly leading to a housing shortage in metropolitan regions. At the same time, a continuous rise in rents can be observed in Europe’s major metropolitan areas. These are just some of the findings in the current Residential Market Report “Insight European Residential Markets 2015/2016” by Patrizia Immobilien AG. “Overcoming the housing shortage in the urban centres of Europe is currently one of the greatest challenges on the European residential markets,” says Dr Marcus Cieleback, Group Head of Research at Patrizia Immobilien AG.

In 2014, around half of all European countries posted a rise in new construction volume for the first time since 2010. However, while volume in Denmark and Sweden has been rising steadily since 2013, the level of new construction activity in Spain, Italy and Ireland is still almost 80% below the volume in 2000. The days of longer-term house price cycles that were easy to evaluate are also over. Since the financial crisis, price trends in Europe have become considerably more volatile, with prices having changed direction four times. It has therefore become significantly more difficult to forecast house price trends for the medium term.

The performance of residential markets also varies greatly from country to country. Since the turn of the millennium, the UK and Sweden have posted the highest annual total returns at 12% and 10% per year, respectively, driven by very strong performance. At 5-7%, the total return in Germany, Austria and the Netherlands was almost half that level, although it comprised predominantly current rental income. Investors can therefore diversify very easily in Europe according to their risk and return preferences but do also require the relevant expertise for successful investment decisions. “Essentially, the European residential markets have seldom been so divergent and heterogeneous in terms of their current economic, structural and demographic conditions,” says Dr Marcus Cieleback, Group Head of Research at Patrizia Immobilien AG. “This once again illustrates that local and national factors have a far greater influence in this sector than global and cross-national economic trends.”

The European residential markets are similar with regard to demographic aspects and overall are recording a decreasing number of younger people and an increasing number of older people. However, the Residential Market Report emphasises the complexity and disparity within Europe in this respect in particular. For example, Manchester, London and Copenhagen exhibit the highest proportion of young working people under the age of 45 and a minor increase in the older population, whereas Florence, Bologna and Porto are characterised by a very high proportion of inhabitants aged between 45 and 65 compared to other European cities.

Monday, 05.10.2015

Q3 preliminary volumes keep CEE on track for a record level of investment activity in 2015

International advisory company JLL presents its preliminary summary of investment transactions concluded in Q1-Q3 period of 2015 on the commercial real estate markets across Central and Eastern Europe (CEE).

The summer months have again seen a hive of activity across the CEE with a preliminary transaction volume of well over €2.8 billion recorded in the third quarter. This quarterly figure represents one of the strongest third quarters in the market’s history and is only marginally short of the record breaking year of 2007. This activity brings the preliminary year-to-date regional investment volume to more than €5.5 billion and represents a 22% growth year on year.

Kevin Turpin, Head of Research CEE at JLL, commented: “With the final quarter of the year often representing one of the busiest periods for our investment teams, and looking at the pipeline of deals that are in advanced stages, we predict that the CEE regional volume could reach the €8 billion mark by the year end. Should the latter happen, it would put 2015 at the highest level since the economic downturn and third highest in the past 12 years”.

The Czech Republic currently leads in terms of investment volumes with a share of 43% followed by Poland with 28%, Romania with 11%, Hungary with 10%, Slovakia with 2% and the SEE countries recording improved activity with a 6% share.

The breakdown of preliminary volumes for Q1-Q3 2015 is as follows:
Country Q1-Q3 2015 Volumes (€ millions)
Czech Republic2,390
Poland 1,550
Hungary 520
Other CEE 340

Prime office yields (Prague and Warsaw) are at between 5.75 - 6.00%. Retail yields for best in class products are at 5.00 – 5.25% and truly prime warehouse asset yields are expected at 6.50 – 6.75%.

Monday, 05.10.2015

Michaela Schroer
Claudiusweg 1 · 59519 Möhnesee

Phone · +49 (0)2924 879 988
Fax · +49 (0)2924 879 989

VAT-ID-Nr.: DE234396004

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