PAMERA North America expands with Denver acquisition

New York-based PAMERA North America LLC (PAMERA NA), a subsidiary of Munich’s multi-family office PAMERA Real Estate Partners, has completed its second major U.S. acquisition by purchasing the One City Block residential and retail complex in Denver, Colorado. The acquisition, executed through a joint venture with a German family office and Intercapital Group, signifies PAMERA’s continued expansion in North America’s real estate market. PAMERA and Intercapital each hold a 5% stake in the property and will oversee asset and property management, while CBRE advised the global investment manager that sold the asset.

The One City Block property, built in 2013, is located in Denver’s popular Five Points/Capitol Hill district and boasts a LEED Silver certification. The complex includes 302 residential units with a combined floor area of approximately 20,000 square meters, alongside 930 square meters of retail space. Each residential unit averages around 62 square meters, offering a variety of urban living options within close proximity to Denver’s central business district.

To enhance long-term value and rental stability, PAMERA NA plans to implement extensive modernizations across the property. This will include upgrades to communal amenities, such as the gym, pool, and co-working areas, as well as updates to individual residential units. This strategy aligns with PAMERA’s approach to value-add investments, focusing on maximizing the potential of properties in high-growth urban areas.

This acquisition follows PAMERA NA’s first U.S. deal earlier this year with the purchase of a mixed-use property in New York City’s SoHo district. “Our acquisitions in New York and now Denver showcase our ability to swiftly respond to promising market opportunities, creating sustainable value for our investors,” said Karl Gross von Trockau, Managing Partner of PAMERA. Partner Cord Ernst added, “Our strategy of close collaboration with investors, combined with targeted asset management, is delivering strong value across the board.”

PAMERA NA’s broader strategy focuses on high-potential markets, including New York, Denver, Boston, and the Sunbelt states, where favorable economic trends support long-term growth. Their emphasis on residential and logistics properties allows PAMERA to optimize locations through targeted improvements, aiming for sustainable returns and enhanced property value.

IREMIS acquires Pullman Hotel in Dresden, marking key milestone for IREMIS Hotel Real Estate Fund I

IREMIS, a Luxembourg-based real estate investment manager, has announced the acquisition of the Pullman Hotel in Dresden from Covivio Hotels for approximately €30.5 million. The purchase was made on behalf of IREMIS’s first dedicated hotel fund, the IREMIS Hotel Real Estate Fund I. The property, a 4-star hotel with 319 rooms, dining facilities, and conference amenities, will undergo a comprehensive renovation. Once refurbished, the hotel will operate under a long-term lease with the Barceló Hotel Group, a global hospitality brand managing over 300 properties worldwide.

This acquisition aligns with IREMIS’s strategy to invest in high-quality, value-add hotel properties in prime urban locations across the Eurozone. Initially branded as Occidental Dresden Newa, the hotel will later transition to the Barceló Hotels & Resort brand, capitalizing on the group’s established reputation in the hospitality industry.

Peter Lenhardt, Head of IREMIS’s Hotel and Leisure division, emphasized the significance of this acquisition, highlighting the Pullman Newa Hotel’s iconic status in Dresden and its alignment with IREMIS’s investment goals. “The combination of the hotel’s location, asset quality, and renovation potential is exactly the type of opportunity our fund targets,” Lenhardt stated. He also confirmed IREMIS’s intention to continue seeking similar hotel investments for its growing portfolio.

The IREMIS Hotel Real Estate Fund I operates as a Luxembourg Reserved Alternative Investment Fund (RAIF) under the administration of INTREAL as its alternative investment fund manager (AIFM), positioning IREMIS for further strategic expansions within the European hotel real estate sector.

Union Investment completes sale of Bruckner Office Centre in Linz to Fabasoft AG

Union Investment has finalized the sale of the Bruckner Office Centre in Linz to software company Fabasoft AG. The acquisition was made through Hon24 Immobilien GmbH, a newly established project company solely owned by Fabasoft AG. This transaction shifts ownership of the property located at Honauerstrasse 2-4, which had been part of the immofonds1 real estate fund’s portfolio since 2015. The sale represents a strategic milestone in Austria’s real estate market, emphasizing Linz’s potential as a viable location outside of Vienna for significant commercial transactions.

Alejandro Obermeyer, Head of Investment Management DACH at Union Investment, highlighted the importance of this transaction, noting that while Vienna typically dominates the Austrian real estate market, the successful sale of this office complex demonstrates the value and opportunity available in regional hubs like Linz.

Constructed in 2002, the Bruckner Office Centre offers approximately 7,500 square meters of leasable area, with about 84% designated for office use and the remainder for retail. Its central location along the Donaulände and excellent access to public transport make it a prime asset in Linz. Fabasoft AG, a long-standing tenant since the building’s opening, is now set to further establish its presence by making the center its official headquarters.

Union Investment was advised by Schönherr Rechtsanwälte on legal matters and TPA for tax consultancy, ensuring a smooth transaction. This sale underscores the continued interest and investment in Austria’s commercial real estate sector, broadening focus beyond the capital to regional growth opportunities.

Generali Real Estate leases Orense 2 building in Madrid to EY

Generali Real Estate has secured a significant lease agreement with international consultancy firm EY for the prominent Orense 2 office building in Madrid. The building, owned by Generali Spain and managed by Generali Real Estate, will undergo a complete refurbishment under the design of Estudio Lamela architects. The property, spanning 13,500 square meters across 11 floors, will offer a cutting-edge work environment in line with the highest international sustainability standards.

The Orense 2 building’s requalification project is centered on sustainability and energy efficiency, aiming to achieve over 30% energy savings and a 40% reduction in water consumption compared to similar buildings. The property is currently working towards LEED certification, further reinforcing its commitment to environmental standards.

EY’s new lease marks a major milestone in the firm’s workspace evolution. The Orense 2 building will become a key part of the EY Campus in Madrid, along with EY’s corporate headquarters at Torre Azca. The two locations will be seamlessly connected by a pedestrian pathway, creating a dynamic, flexible work environment that fosters collaboration and innovation.

The building’s strategic location in one of Madrid’s most sought-after business and retail districts provides excellent connectivity and access to a range of services, making it an ideal choice for EY’s new office space.

Reflecting a shared commitment to sustainability, the lease includes “green” clauses that emphasize energy optimization, CO2 reduction, and the promotion of renewable energy. These measures align with the long-term sustainability goals of both Generali Real Estate and EY.

Carlos Becerril, Head of Investments & Asset Management Iberia at Generali Real Estate, commented, “We are pleased that EY has chosen Orense 2 as the ideal location for their strategic growth, aligning perfectly with their evolving workspace needs. We are proud to continue leading the way in sustainability in real estate and contributing to the revitalization of Madrid’s urban landscape.”

CENTRAL GROUP: Conditions for buying a home will get worse

According to the ČSÚ figures published today, 1,190 new flats in new apartment buildings were permitted in Prague in September and a total of 5,270 flats have been given the green light since the beginning of the year. This is a year-on-year increase of 76%. On the face of it, great news. All the more so because after three quarters even more apartments have been permitted than in the whole of last year. On closer inspection, however, there are fewer reasons to be happy. The comparative base of last year is very low, with just over 4,200 flats in apartment buildings being permitted in the capital over the whole year (about 1,000 more if we include flats built in family houses, reconstructions and other types of buildings). However, Prague needs to permit and build at least 10,000 new flats every year, and we are nowhere near that even this year. Although we have a new building law, which we hoped would improve the permitting process, we do not have digitisation, which is one of its important tools. And we will not have it for at least another three years, so we have to reckon with the fact that we will still be struggling with a shortage of housing for a few more years.

At the moment, more apartments are coming onto the market, but these are mostly projects that were approved in the previous two years and their launch was postponed due to the difficult economic situation. It can be assumed that with the current extremely high demand, which is approaching the record levels of 2021, the battery of these pre-approved projects will soon run out and apartment prices will start to rise even faster than now. It is also not good news for those interested in new housing that mortgage interest rates are not falling nearly as fast as they could, as even the CNB’s multi-governor Eva Zamrazilová points out. Moreover, the CNB itself has adjusted its forecast for interest rates, which should fall more slowly than previously expected. The banks’ motivation to lower mortgage rates more quickly may be decreasing along with it.

Faster growth in house prices and slower mortgage rate cuts will result in some people being cut off from the opportunity to buy their dream new home. So if anyone is considering buying a new home, they should not hesitate too much. There will be no better conditions than now.

Source: CENTRAL GROUP

Skyliner II construction reaches key milestone in Warsaw’s Wola district

The foundation work for Skyliner II, the sister skyscraper of the prominent office complex in the Wola district, has been successfully completed. Karimpol Polska, the developer behind the project, announced that the final section of the concrete foundation slab was placed at a depth of 22 meters by general contractor Warbud SA. With this critical phase finished, the construction of the building’s underground structure moves forward, paving the way for the superstructure to begin once the foundation reaches ground level.

Located in a densely developed urban area, Skyliner II is being built using the top-down construction method. This innovative technique involves placing the floor slabs at ground level before excavating each floor down to the target foundation level. The floor slabs are supported by temporary columns and anchored into diaphragm walls to ensure the structure’s stability. The foundation slab itself is made up of 4,700 m³ of low-carbon concrete, varying in thickness from 1.9 meters to 4.9 meters. The slab’s weight is supported by barrettes that extend nearly 39 meters below ground level.

The foundation work involved a dedicated team of nearly 40 professionals, including steel fixers, carpenters, foundation slab insulation specialists, and underground equipment operators. Szymon Zduńczyk, Managing Director and Board Member at Karimpol Polska, highlighted the lessons learned from the construction of the first Skyliner tower, which allowed for improvements in the layout of barrettes and bracing slabs to better address the project’s unique challenges. Zduńczyk also noted the careful logistical planning required for each stage of construction, especially considering the site’s location and the project’s proximity to existing buildings.

“The construction of Skyliner II requires unique technical solutions due to its location in the vicinity of existing buildings, including other high-rise towers,” explained Marcin Hoyer, Site Manager at Warbud SA. “With limited space and the need to navigate dense urban traffic, we are using tower cranes with tilting jibs to ensure safe and efficient operation.”

As construction moves to the next phase, the focus will shift to the creation of the ground-level structure, which will support the common podium connecting Skyliner II to the original tower. This podium will span 4,500 sqm and form a critical link between the two buildings. The construction of the 28-story tower will continue, with Skyliner II set to offer modern office spaces in the heart of Warsaw, standing 130 meters tall upon its completion at the end of 2026.

Designed by APA Wojciechowski Architekci, Skyliner II is managed by Hill International on behalf of Karimpol Polska, with CBRE Poland overseeing the commercialisation of the second tower.

Jörn Stobbe to step down from Becken Group at end of October 2024

Jörn Stobbe has announced his resignation as CEO of Becken Holding GmbH and Chairman of the Supervisory Board of INDUSTRIA Immobilien GmbH, effective at the end of October 2024. After four years with the company, Stobbe has decided to step down, with his successor yet to be named. The decision was made in agreement with Dieter Becken, Managing Partner of Becken Holding GmbH.

During his tenure, Stobbe played a key role in Becken Group’s expansion, notably overseeing the successful acquisition and integration of INDUSTRIA Immobilien GmbH, which strategically strengthened the company’s business model. Looking ahead, Stobbe intends to focus on new ventures in the areas of affordable housing through modular construction and football, a sport he believes has significant social and cultural impact.

Dieter Becken expressed gratitude for Stobbe’s contributions, stating, “Jörn Stobbe has been instrumental in the development of Becken Group, particularly through the successful integration of INDUSTRIA Immobilien GmbH. I want to personally thank him for his dedication and wish him all the best in his future endeavors.”

Reflecting on his time at Becken Group, Stobbe shared, “My work on advancing the Investments and Fund divisions allowed me to leverage my experience in real estate and finance, focusing on M&A transactions, ESG strategy, and positioning Becken as a real estate services provider. I’m thankful for the trust and collaboration of Dieter Becken and the entire team and look forward to the next chapter of my career.”

CTP and Quanta Computer break ground on new facility in Jülich

CTP and Quanta Computer marked the official start of construction for a new, built-to-suit production facility in Jülich, Germany, located in the Brainergy Park Jülich. The groundbreaking ceremony, attended by over 50 guests, included representatives from Quanta, CTP, Brainergy Park Jülich, the City of Jülich, and local economic and political leaders.

The new facility, with a total usable area of 22,500 sqm, will be customized to meet Quanta’s specific needs, including a product testing laboratory and specialized airlock rooms. This expansion supports Quanta’s growing European presence, with the company leasing the facility for 15 years. CTP is investing 45 million euros into the project, which will create up to 500 jobs in its first phase.

Timo Hielscher, Managing Director M&A at CTP Germany, emphasized the smooth collaboration that enabled the project to proceed on schedule, noting CTP’s deep understanding of Asian business requirements, which has been key in delivering complex projects for high-tech companies across Europe.

The Jülich site is strategically located near Germany’s borders with Belgium and the Netherlands, offering easy access to major European cities such as Frankfurt, Brussels, and Amsterdam. The facility is expected to achieve DGNB Gold certification and will feature photovoltaic systems on its roof.

Frank Drewes, Managing Director of Brainergy Park Jülich GmbH, highlighted the park’s growing appeal to international tech companies, underscoring the area’s potential for innovation and growth. The facility is slated for completion in the second half of 2025.

PSN Completes Skyline Project in Prague’s Chodov District

PSN has officially completed the Skyline project in Prague’s Chodov district, offering a variety of small-apartment units that are increasingly in demand for both residential and investment purposes. The development includes one- and two-bedroom apartments ideal for students, young professionals, and first-time buyers. With roughly a quarter of the units still available for purchase, the project is proving to be a popular option for those seeking affordable housing in the city.

The Skyline project, which involved the extensive renovation of two adjacent buildings from the Top Hotel, has been carefully designed to meet modern living standards. In addition to a full interior refurbishment, the building features a classic, simple façade that complements the contemporary interiors.

“This project combines traditional elements with community-focused spaces, creating an original concept that appeals particularly to younger people in need of starter or student housing,” said Jaroslav Macháč, Director of Residential Projects at PSN. “Given the current state of the real estate market, we are seeing increasing interest in rental housing. The units here are well-suited for rental investment, making them a profitable option for investors.”

For potential investors, PSN is offering an attractive opportunity in collaboration with Bureš & Partners, a firm specializing in real estate investments. Selected two-bedroom units come with up to a 4% discount until November 30, along with the promise of a monthly rental income of up to CZK 20,000, and an annual yield of up to 16.6%. PSN also offers a hassle-free investment experience, managing everything from unit selection and mortgage arrangement to interior furnishing and tenant placement.

Skyline residents can enjoy a wide range of shared amenities designed to support both everyday convenience and social engagement. The building includes a fully equipped gym, a yoga room, a party room with table football and a large-screen TV, as well as a lounge, laundry facilities, a bike room, and more. A rooftop terrace offers panoramic views of Prague, and an outdoor relaxation area with a fireplace and flowerbeds will provide a serene environment for residents to unwind.

The Skyline project features four model units to inspire potential buyers. These interiors—named after European capitals Prague, Oslo, and Berlin—showcase a variety of styles. The Prague model emphasizes warm tones and traditional materials, while Berlin presents a more eclectic, contrast-rich design. Oslo, on the other hand, embraces minimalist Nordic aesthetics with a focus on practicality. The sample units were designed in collaboration with Kitchen and Interior Living and the architectural studio Reaktor, with a new model unit created in partnership with Bonami, a furniture and accessories retailer.

While the model units provide design inspiration, buyers are encouraged to personalize their apartments according to their tastes and preferences.

The Skyline project is situated in a well-connected area, offering convenient access to essential amenities and recreational spaces. Residents will find grocery stores, cafes, and bistros within walking distance. The Westfield Chodov shopping center, the largest in the Czech Republic, is just a 5-minute drive away. A bus stop located just a few meters from the building provides quick access to metro C – Chodov, just 9 minutes away. For outdoor enthusiasts, the nearby Hostivařský Lesopark offers ample space for walks, while water sports enthusiasts can visit the Hostivařská Dam or the Jedenáctka Chodov Aquapark. The location is also ideal for cycling trips.

As PSN continues to develop projects like Skyline, the company is positioning itself to meet the growing demand for compact, well-located, and investment-worthy living spaces in Prague.

GreenPlaces to invest €100 million in German light industrial estates

GreenPlaces Deutschland Asset Management GmbH has announced plans to invest €100 million over the next three years in multi-let light industrial estates across Germany. The Switzerland-based developer aims to accelerate its growth in Germany, targeting new properties primarily in Baden-Württemberg, southern Hesse, and Rhineland-Palatinate.

The company specializes in sustainable, affordable industrial spaces tailored for small and medium-sized enterprises (SMEs). GreenPlaces uses timber construction for modular units averaging 170 square meters, which can be leased as individual spaces or combined into larger units. Already established in Switzerland, GreenPlaces operates ten sites and has added five locations in Germany. Its goal is to expand to 50 sites by 2030, with the majority in Germany.

Fabrice Bezençon, CEO of GreenPlaces Group, highlighted the unique appeal of GreenPlaces’ flexible and eco-friendly modules: “Our high-quality, affordable units suit various uses, from small production plants and wellness studios to gyms and architectural offices. Timber construction stores CO2, and our rooftops provide sustainable power through solar panels.”

In charge of the German expansion, Sven Koch, head of business development since December 2022, emphasized the strategic focus on accessible locations near major cities. “Our goal is to place tenants within a 20-minute drive of customers, prioritizing sites with motorway or federal route access. Each project follows a rapid timeline, with construction to completion typically within eight to twelve months,” Koch noted.

With its modular, sustainable approach, GreenPlaces seeks to become a reliable partner for local municipalities while growing its portfolio of tenant-focused industrial estates in Germany.

« Previous 1 … 347 348 349 350 351 … 377 Next »

Latest news

All posts by fletcher@cijeurope.com.