argoneo leases 195,500 m² of commercial real estate in 2010 and expands asset management activities (DE)

In the German commercial real estate market, asset manager argoneo entered into new leases and renewed existing contracts for space totaling around 195,500 m² on behalf of its customers in 2010.

On the basis of square meterage leased, new leases account for around 28% and lease extensions for 72% of the result. In Hamburg's commercial real estate market, argoneo's total amount of newly leased space was 115,000 m², an increase of 28% compared with the year before (2009: 82,400 m²).

Overall, the leasing performance in 2010 was around 10% down on the previous year (2009: 217,900 m²). The decline is due to the drop in the total asset management volume managed by argoneo, which fell by around 19% last year to a current figure of around 1.4 million m² of real estate. The key drivers in this regard were the increased number of property sales, with seven transactions involving a total of 200,000 m² last year, as well as the company's strategic focus on the asset management of core properties. As part of this consolidation, argoneo had by mid-2010 already accepted asset management mandates for 42 core properties in Austria, Italy, France, Spain, Belgium, Luxembourg, Sweden, and the Netherlands, with space totaling 530,000 m².

The company has assigned the management of various portfolios with smaller commercial and logistics properties measuring 660,000 m² in total to its local asset management partner CORPUS SIREO, Heusenstamm.

Marcus Hientzsch, argoneo's Managing Director with responsibility for Asset Management: "Last year, we successfully sharpened our profile as a European-wide asset manager with strong expertise in core real estate and real estate sales. In 2011, we will continue on this path and look forward to a dynamic, exciting real estate year."

Source: argoneo Real Estate GmbH

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