IMMOFINANZ is continuing the expansion of its standing investment portfolio on the German market and presents another major office development project at the Expo Real. In the Düsseldorf Medienhafen, a new headquarters will be built for trivago, the world’s largest online hotel search. This modern complex will have roughly 26,000 sqm of rentable space in the first section. The investment costs are estimated at approx. EUR 145 million. By mid-2018 the office portfolio in Germany will grow to nearly 200,000 sqm with annual rental income of up to approx. EUR 40 million. The investment costs for the own developments amount to nearly EUR 650 million. The German share of the standing investment portfolio will increase from approx. 7.5% to almost 17% (including logistics) or almost 13% (excluding logistics).
“The trivago corporate headquarters is our fourth development project on the Düsseldorf market for prime office properties and will raise our offering of space in this city to roughly 70,000 sqm. As a matter of fact, the lease with trivago also represents one of the largest single office rentals in IMMOFINANZ’s history“, indicated Oliver Schumy, CEO of IMMOFINANZ. “The trivago building fits perfectly with our strategy and will be an attractive addition to our impressive list of flagship projects in North Rhine-Westphalia, which includes the Gerling Quartier in Cologne, the FLOAT office complex designed by Renzo Piano in Düsseldorf and the largest cluster project in the expansion of the RWTH Aachen. The ‘Big-7’ cities in Germany will also represent a geographical focal point for our future growth.“
IMMOFINANZ’s future portfolio in Germany:
• TRIVAGO HEADQUARTERS: approx. 26,000 sqm of rentable office space in the first section, completion in mid-2018
The new trivago corporate headquarters will be located on the Kesselstrasse in the Medienhafen, with sop architects responsible for the design. The six-storey, horizontally structured building will open towards the harbour basin and create a generous campus with an inviting atmosphere. The first building section, which has been leased in full to trivago, covers approx. 30,000 sqm (including 26,000 sqm of office space) and 570 parking spaces. Construction will start in spring 2016, and the first section is scheduled for completion in mid-2018. The second section can include further expansion space (up to approx. 16,000 sqm) for trivago and/or other tenants. The investment costs are expected to total approx. EUR 200 million, including EUR 145 million for the first section.
• FLOAT: approx. 31,000 sqm, completion in Q1 2018
A prime office ensemble in the Medienhafen with six building sections designed by Pritzker Prize winner Renzo Piano. In addition to office areas starting on the first floor, the ground floor contains rental space for showrooms, retail and gastronomy facilities. The planned investments total approx. EUR 155 million.
• CARLSQUARTIER: approx. 3,800 sqm, completion in Q1 2017
Premium project in the so-called Central Business District containing space for offices, retail trade and gastronomy plus a two-storey underground garage for 64 cars. Investment costs of approx. EUR 24 million.
• PANTA RHEI: approx. 9,600 sqm, completed at the beginning of 2014
The Panta Rhei office building at Düsseldorf Airport was developed by IMMOFINANZ and received LEED Gold certification in February 2015. It has approx. 9,600 sqm of rentable space and is almost fully occupied. The investment costs amounted to approx. EUR 27 million.
• GERLING QUARTIER: approx. 75,000 sqm of rentable / saleable space; first section currently nearing completion, second phase to be completed by the end of 2017
The mixed use Gerling Quartier comprises approx. 75,000 sqm of rentable / saleable space (~30,000 sqm of prime apartments for sale, ~45,000 sqm of commercial space – primarily offices). Construction on the first section (145 apartments, 25,000 sqm of office space) will be completed shortly. The second phase is scheduled for completion by the end of 2017, whereby the investment for the commercial areas totals approx. EUR 200 million.
• HOHENZOLLERNRING: approx. 11,700 sqm, completion at the end of 2017
Refurbishment of an existing building which has been owned by IMMOFINANZ since 2007 and is located directly at an underground station. Nine stories are planned for offices, retail areas on the ground floor and first floor, and an underground garage with roughly 85 parking spaces. The investment costs total approx. EUR 47 million.
• CLUSTER PRODUKTIONSTECHNIK: approx. 29,000 sqm, completion in Q3 2016
The Cluster Produktionstechnik with roughly 29,000 sqm of rentable space is the largest technology cluster in the expansion of RWTH (Rheinisch-Westfälische-Technische Hochschule) Aachen. Plans call for the construction of up to 19 research clusters on 800,000 sqm and the creation of one of the largest technology-oriented research landscapes in Europe. Pre-rental agreements have already been signed for over 50% of the rental areas in the Cluster Produktionstechnik and, together with the reported demand, will reach an occupancy level of 80%. The investment costs total approx. EUR 63 million.
The office projects currently under development in Germany (including the trivago headquarters, first section) have approx. 145,000 sqm of rentable space. These areas are expected to generate rental income of up to EUR 34 million per year after completion. Together with the existing office properties, including the Panta Rhei at Düsseldorf Airport which was completed last year and is now almost fully rented, rental income from the German office segment is expected to increase up to EUR 40 million per year.