DERECO acquires KUBUS business property in Aalen from FAY Projects and Merz Objektbau

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DERECO Impuls 4

The Cologne-based DERECO multi-family office for real estate assets has acquired a newly developed property in a top spot in Aalen, Germany. The forward-deal purchase was performed as part of a portfolio mandate DERECO had received from a German entrepreneur family. Upon transfer, the building will be managed by DERECO’s asset management.

The property was sold by a special-purpose company set up through a joint venture of FAY Projects GmbH, Mannheim, and Merz Objektbau GmbH & Co. KG, Aalen.

KUBUS will be completed by mid-2017. Ideally located in Aalen’s Marktplatz square, the construction, which is chiefly designed for retail purposes, will offer space for catering services and offices, too. Sufficient parking space will be available as a connection to the town hall’s underground parking and other outside spaces is underway.

The project developers have already signed several tenancy agreements. As a result, a high ratio of floorspace will be let immediately upon completion. Future tenants include restaurant operators Enchilada and Aposto and retail chains MANGO, Hallhuber, DEPOT and Rossmann. Aalen’s municipal utilities are going to operate the underground car park. Contract negotiations with other prospective tenants are being finalized.

In total, this asset-deal sale amounts to approx. EUR 40m.

The selling party obtained legal consultancy from Taylor Wessing, Berlin and technical consultancy from Lehmann Consult GmbH & Co. KG, Biberach. The buyers were advised by the GSK Stockmann + Kollegen law firm in Berlin.

The multi-family office DERECO intends to continue acquiring real estate focussing on economically strong towns with a population from 50,000. The company is set to target new developments and property on stock between EUR 10m and EUR 40m across Germany. By and large, DERECO favours buildings with mixed types of use and multiple tenants, excluding single-tenant properties which don’t fit in with the company’s acquisition strategy. DERECO has invested in business houses in premium locations and in newly developed neighbourhood centres (new residential facilities with retail space on the ground floor) in good areas outside city centres and in retail parks. DERECO’s current portfolio policy does not cater for office buildings or specialty properties such as hotels, care homes or logistics facilities.