Hypo Real Estate Bank AG is financing the purchase of two residential portfolios, an office building and a residential construction program in Berlin for companies of the apellas Group. The financing volume is more than €140 million. The loan agreements were closed during the last week of March.
Reinhold Güntner, member of the Management Board of Hypo Real Estate Bank AG, says: Hypo Real Estate Bank AG reported back to the market impressively as the competence centre of the Hypo Real Estate Group after resuming new business in autumn 2004. This transaction continues our successes during recent months and underscores our resumed importance on the German real estate financing market.
With the acquisition of these portfolios, we continue our investment strategy on the German real estate market. Given our focus on undermanaged residential and commercial properties with value add potential, apellas can close attractive transactions even in a competitive investment market, says Dr. Ulrich Weber, Managing Director of apellas Property Management GmbH. At the same time, the planned modernisation and new construction investments of more than €50 million reflect the long-term strategy of the apellas Group, Dr. Weber added.
1,250 apartments, 11,000 m office space and 84,000 m developed land
The financed properties are 1,250 apartments, 11,000 m office areas and 84,000 m of developed land. One of the financed residential portfolios includes 1920s buildings and art deco villas in the Berlin districts of Dahlem, Schlachtensee and Schmargendorf previously owned by the Deutsche Bundesbank. The second residential portfolio comprises residential and commercial units in the districts of Wilmersdorf, Tempelhof and Wedding.
This portfolio was formerly owned by DKB (Deutsche Kreditbank) Immobilien AG. The third project is the purchase and conversion of an office building with a lettable area of app. 11,000 m in a good location between Potsdamer Platz and Alexanderplatz. The tenant arrangement of this object will be optimized and the building refitted. New lease agreements for vacant areas were already closed shortly after the acquisition. The fourth apellas development is a residential construction project in a prime location on Lake Wannsee in Berlin. Semi-detached homes and town houses are to be built on the property with an area of 84,000 m. The buildings already present will be integrated into the ensemble.
Source: Hypo Real Estate