Am Phoenix-See entstehen etwa 100 Mietwohnungen mit gehobener Ausstattung // Dortmund, Deutschland
Am Phoenix-See entstehen etwa 100 Mietwohnungen mit gehobener Ausstattung // Dortmund, Deutschland 

Am Phoenix-See entstehen etwa 100 Mietwohnungen mit gehobener Ausstattung // Dortmund, Deutschland
Am Phoenix-See entstehen etwa 100 Mietwohnungen mit gehobener Ausstattung // Dortmund, Deutschland 

REVITALIS project Dortmund

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DERECO and REVITALIS to develop large estate in central Dresden
In October last year, REVITALIS Real Estate AG, a project developer from Hamburg, and the DERECO multi-family office from Cologne secured a number of adjacent plots on Dresden’s Wettiner Platz, a coveted central location. As in ongoing joint projects in Freiburg in the south of Germany, REVITALIS will be in charge of managing project operations, whereas DERECO is acting as an investor. Additional loans are provided by Deutsche Hypo and Hanse Merkur.

Total project volume amounts to approx. € 63m.

Opposite the new home of Dresden’s Staatsoperette opera house, some 170 rental flats covering approx. 14,000 sqm in floor space plus approx. 1,200 sqm of retail space, some 160 parking spaces and a three-star INDIGO boutique hotel with 130 rooms are scheduled for development from summer. The entire project is set to be completed by mid-2018.

Taylor Wessing, Berlin, and Drees & Sommer, Dusseldorf, provided legal consultancy.

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DERECO acquires business property in Herford by way of a forward deal
Cologne-based multi-family office for real estate assets DERECO has purchased a new building in an A1 location in Herford, Germany, as an addition to a portfolio it has been commissioned to develop on behalf of a German entrepreneur family. Upon transfer, the property will be managed by DERECO’s asset management.
The building was sold by a project-developing company established as a joint venture by HLG Gesellschaft zur Entwicklung von Handelsimmobilien mbH & Co. KG, Münster, and Amandla International GmbH & Co. KG, Unna. In the past, DERECO has successfully concluded another forward deal concerning real estate in Detmold with the same project developers.

By 2018, the plan is to create a new retail magnet in Herford’s pedestrian zone. The property is expected to solve an urban planning issue in central Herford, too, since part of it, a former Kaufhof department store, has been disused for years. As two adjacent buildings have been demolished, the newly created complex now has better access; its premium position is highlighted by a redesigned square in front of it. Lead tenants include C&A, a Rossman drugstore outlet and CCC Schuhe. In future, other retail, catering and office tenants and a gym will attract more walk-in custom. Several wings surrounding a central patio will host attractive new flats over a number of added floors in this central location.

The asset deal transaction totals a volume of approx. € 24m.

The buyers received legal advice from Taylor Wessing, Berlin, and technical support from Drees & Sommer, Dusseldorf. The sellers’ party obtained legal consultancy from Jebens Mensching LLP, Hamburg.

The DERECO multi-family office intends to continue its long-term purchasing policy in 2016, focussing on economically strong towns with a population from 50,000. New buildings and existing properties (no older than five years) across Germany between € 10m and € 30m are generally eligible as acquisitions. On the whole, DERECO favours multi-tenant buildings fit for various purposes, which implies that single-tenant projects would not be in line with the company’s acquisition strategy. DERECO has invested in mixed retail and office buildings in A1 locations and in new apartment constructions in good neighbourhoods rounded off by complementary retail. Additionally, DERECO is searching for retail parks to add to its existing portfolio. DERECO’s current portfolio policy does not cater for office buildings or specialty properties such as hotels, care homes or logistics facilities.

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Residential quarter on PHOENIX See sold to ABERDEEN
A project company set up by a joint venture between REVITALIS REAL ESTATE AG, Hamburg, and DERECO, Cologne, has divested the residential quarter on the north-eastern bank of PHOENIX See Lake in Dortmund by way of a forward deal to Aberdeen Asset Management Deutschland AG. The estate was acquired for a fund specialised in residential properties operated by Aberdeen, a global player. The parties involved agreed not to disclose the selling price.

Approx. 90 comfort apartments facing southwest between 55 and 130 sqm in size are being developed on one of the last empty plots on a close called Am Seehang right next to Phoenix See in Dortmund. The draft for the respective eleven villa-type buildings was made by schultearchitekten of Cologne who were awarded the contract as their draft received approval by experts from the design council of Phoenix See Entwicklungsgesellschaft developers and the city’s authorities. In planning, the visual axis towards the lake was a particular focus. The draft features spacious terraces and loggias and very sophisticated exteriors to meet the high standards of modern, comfortable living.