Frankfurt: Medcap and LUWIN secure the premium location - Goethestrasse 2
Frankfurt am Main, May 2021
- Principal tenant Salvatore Ferragamo extends its lease over the long term
- Value-add project with extensive refurbishment intended
- German market entry for Medcap Real Estate
The international investor and developer, Medcap Real Estate S. A., with its headquarters in Valencia, and the Frankfurt-based investment and asset manager LUWIN Real Estate Managers GmbH are acquiring the Frankfurt high-street property Goethestrasse 2 in an off-market transaction.
In keeping with the unique quality of the location, Medcap and LUWIN will completely revitalise the retail and office property to the highest standards, converting it into a top-class trophy asset. During the course of the project, the office space will be extended by a set-back floor, including a generously sized terrace with a view over Goetheplatz and the Frankfurt skyline. After completion, Goethestrasse 2 will offer around 1,600 sq m of lettable retail and office space.
In addition to the acquisition of the property, Medcap and LUWIN announce that they have agreed a long-term extension of the lease with the Italian luxury brand Salvatore Ferragamo. This will be accompanied by the conversion and refurbishment of the rental space into a high-quality retail flagship store in accordance with the wishes and requirements of the tenant, and a substantial optimisation of the external appearance of the property. Further lettings will be concluded shortly.
Dimas De Andres Puyol, CEO of Medcap, comments: ‘We are very pleased to have secured the best location on Goethestrasse. We could not have imagined a better start for our activities in Germany. As the entrance to Goethestrasse and due to its high visibility from Goetheplatz, this building has always been one of Frankfurt's most attractive landmarks. With our revitalisation, the location will shine anew. We are very proud to contribute to the positive development of Frankfurt's cityscape.’
Manuel DeVigili, Managing Partner of LUWIN, adds: ‘You have to take advantage of the opportunity to secure a property in a location of this quality. This is evident from the overwhelming demand from prospective tenants; in particular, our retail spaces are very popular. It shows once again that, especially in periods of uncertainty in the market, properties in outstanding locations perform above average.’
apd, the renowned Frankfurt architecture and engineering firm, was commissioned to undertake the extensive and complex revitalisation project. Hogan Lovells provided legal and tax advice on the transaction and the lease.
Luwin lets office space in Frankfurt CBD to La Française
Frankfurt am Main, 22 February 2021
Frankfurt am Main, 22 February 2021 - Asset and investment manager LUWIN Real Estate Managers GmbH (LUWIN) has let an over 400 square metre office unit, in the "MaRo" complex, to La Française Asset Management GmbH. In the scope of this new letting, associate company La Française Real Estate Managers Germany has extended its existing lease. In total, La Française now occupies around 800 square metres on the second floor of the building, at Neue Mainzer Str. 80.
LUWIN acquired and took over the asset management of the office and retail property, which has a total area of around 13,000 square metres, for an institutional investor in June 2020.
Christian Müller, Director Asset Management at LUWIN, explains: "The letting and the associated lease extension emphasise the attractiveness of modern mid-rise buildings in the Frankfurt CBD. Units of less than 1,000 square metres are enjoying consistently strong demand in the current phase of the market. The building, which was designed by Eike Becker, is impressive not only for the above-average quality of the space and its flexible floor layout but also because of its exceptional architecture.”
Another office unit, of around 540 square metres, is currently available in the complex. It will be fitted-out to a high standard in line with the individual tenant's requirements.
LUWIN increases assets under management to EUR 2.2 billion
Frankfurt am Main, 25 January 2021
Investment manager LUWIN Real Estate Managers GmbH (LUWIN) increased its assets under management by around EUR 500 million to EUR 2.2 billion in 2020. Two core investments in central locations in Frankfurt and Dusseldorf made significant contributions to this. The volume of space under management has now risen to around 194,000 square metres. The occupancy rate of the portfolio was increased to 96% last year.
The opening of the Hamburg office and new appointments in the asset and portfolio management sections increased the LUWIN team to 11 staff. Further recruitment is planned in 2021.
Manuel DeVigili, managing partner of LUWIN, explains: “Despite the challenging economic environment, we have been able to achieve very good results for our institutional investors. We are particularly happy with the letting and lease extension performance, with over 17,000 square meters at pre-crisis conditions. We have positioned our portfolio robustly and sustainably for the coming years, which will be dominated by uncertainty and volatility.
LUWIN lets retail space in Frankfurt's CBD to friendly hunting
Frankfurt am Main, 16 December 2020
Investment manager LUWIN Real Estate Managers GmbH (LUWIN) has has let approximately 100 sq m of retail accommodation in the “MaRo” complex, in the Frankfurt Opernquartier, to clothing retailer ‘friendly hunting’.
The family-operated cashmere manufacturer will be opening its Frankfurt branch, at Neue Mainzer Strasse 74, on 1 April 2021. It complements the existing tenant mix on Neue Rothof, where stores already include Suitsupply, Woolrich, Hogan, Burresi and Dorothee Schumacher. friendly hunting is a label that consistently unites its trading activities with a sustainable attitude and social commitment.
BNP Real Estate brokered the letting.
Sarah Dörr, asset manager at LUWIN, comments: “The letting to friendly hunting is indicative of the future positioning of our retail offer. In the current market environment, it underlines the confidence of retail occupiers in the location and in our premium property MaRo, which is cheek by jowl with the luxury shopping pitch in Goethestrasse. Other factors that will strengthen the location in the short to medium term include the developments in the surrounding Opernquartier, particularly Junghof Plaza, the Four development and Opernplatz 2.”
LUWIN acquired the office and retail property MaRo for an institutional investor in June this year. The firm has taken over the asset management of the ca. 13,000 sq m property.
LUWIN reinforces its Hamburg asset management team
Frankfurt am Main, 15 December 2020
LUWIN Real Estate Managers GmbH (LUWIN) has appointed Naghmeh Baybordi as director of the Technical Asset Management division in its Hamburg office.
A graduate engineer with over ten years’ experience in technical real estate management, she has been mainly responsible for commercial properties in the core and core+ segment. Prior to joining LUWIN, she worked for as a technical asset manager for Officefirst GmbH and Dream Global Advisors GmbH.
Based in LUWIN’s Hamburg office, which opened on Ballindamm this year, Naghmeh Baybordi will assume technical responsibility for a supraregional portofolio.
Baybordi is LUWIN’s seventh new appointment this year.
LUWIN currently manages a portfolio of office, retail and residential property, with a volume of around EUR 2 bn in Germany and other European countries. At the beginning of this year, the company acquired the office and retail property “Ma’Ro” in the Frankfurt CBD. It has recently taken over the asset management of the “OBRKSSL” office property in Dusseldorf, the new headquarters of HSBC Germany.
Dusseldorf: STRABAG hands over new HSBC headquarters to LUWIN
Frankfurt am Main, 07 December 2020
LUWIN Real Estate Managers GmbH (LUWIN) has taken over the asset management of the newly constructed “OBRKSSL”, at Hansaalle 1-3 in Dusseldorf-Oberkassel. The developer, STRABAG Real Estate GmbH (SRE), completed the new German headquarters of major international bank HSBC on schedule. In the background is a German pension fund as investor.
As well as the main tenant HSBC, which is consolidating around 2,000 staff in this location and occupies some 70% of the lettable area, other companies Metro Markets GmbH and Avedon GmbH have also decided to take space. The six-storey office building is close to the Belsenpark residential district. The total lettable area of 33,300 sq m makes it one of the largest office developments in Dusseldorf in recent years. Designed by well-known architectural firm RKW Architektur +, the building has been awarded DGNB Gold certification.
LUWIN expands with a new office in Hamburg and adds to the Frankfurt team
Frankfurt am Main, 2 June 2020
LUWIN Real Estate Managers GmbH, an owner-managed company specialising in real estate investment and asset management services, has opened an office in Hamburg.
Real estate expert Christian Müller, 43, has been appointed to run the new branch, at Ballindamm 27. As Director Asset Management, he is responsible for the company's asset management activities throughout Germany and has been active in the real estate industry for more than 15 years. Before joining LUWIN, he was a senior manager in the asset and letting management division of Patrizia Germany. Prior to that, he worked for companies including TRIUVA, IVG and Tishman Speyer.
In addition, due to the steadily growing acquisition volume LUWIN has strengthened its staff in Frankfurt am Main. Benjamin Lutz, 31, joins the team as Director Investor Relations & Portfolio Management. In his role he is responsible for institutional investor relations and services as well as implementing investment strategies at portfolio level. Benjamin Lutz joins from Barings Real Estate, where most recently he was Fund Manager, focusing on Separate Accounts. Previously he worked for TRIUVA, IVG and Corestate Capital Advisers.
LUWIN currently manages a portfolio with approx. EUR 2 bn. of office, retail and residential properties in Europe. Recent acquisitions by the company include the "Kuhlio" residential project in Frankfurt-Bockenheim, from STRABAG Real Estate, and the office and retail property "Ma'Ro" in the CBD of Frankfurt, from Invesco Real Estate.
Invesco Real Estate sells prime Frankfurt Mixed-use Asset to LUWIN Real Estate Managers
London, March 27th, 2020
- Invesco Real Estate sells Neue Mainzer Straße 74+80 in Frankfurt (‘Ma’Ro’) to LUWIN Real Estate Managers GmbH
- The ‘Ma’Ro’ sale crystallizes strong performance for investors in Invesco’s core European programme
- LUWIN sees strong potential to further develop and optimize the asset
Invesco Real Estate (Invesco), the global real estate investment manager, announces it has sold a prime mixed-use office and retail asset in Frankfurt to LUWIN Real Estate Managers GmbH. The buyer is LUWIN Real Estate Managers GmbH, a partner-operated investment boutique specialising in property investment and asset management services based in Frankfurt.
The asset, Neue Mainzer Straße 74+80 in Frankfurt (‘Ma’Ro’), is comprised of two high quality properties over c.13,000 sqm in total located in the most sought after office market in Frankfurt. Around 70 percent of this is allocated to office space and around 25 percent to retail space. The office space is fully let and only one unit of 300 sqm is currently available in the retail segment. Built in 2016 and acquired by Invesco in mid-2016, it is currently let to 16 tenants. The weighted average remaining lease term (WALT) is 6.1 years.
The deal, which reflects the promising location, the high-class property and a highly positive outlook for the core Frankfurt office sector, crystallizes strong outperformance for investors in Invesco’s core European programme.
Jonathan Pierce, Senior Director, Fund Management at Invesco, says: “The sale price represents excellent value for investors in our core programme. It also allows us to optimise our allocation to the German office sector, particularly with the recent closing of the Die Welle acquisition, and underscores the strength of, and confidence in, the prime Frankfurt market.”
Fabian Manegold, Managing Director – Transactions, Germany, Austria, the Netherlands at Invesco, comments: "We remain very convinced of the building quality and the great location potential of ‘Ma’Ro’, which will continue to develop in the coming years. The achieved sales price reflects this and we are of course pleased that we have encountered a very positive market environment with our asset".
Christoph Schiller, Director at LUWIN, says: "We are delighted to acquire this premium property in a central Frankfurt location and to drive forward our investors' core investment strategy. The property has a strong potential for value enhancement, which will materialize through active asset management in parallel with the new inner city developments in the coming years.”
LUWIN acquires ‘Ma’Ro’ on behalf of a German pension fund and expands its assets under management to EUR 2 billion with this transaction.
On this transaction, the advisers to Invesco were CBRE (commercial), GSK Stockmann (Legal) and CBRE Preuss Valteq (technical). LUWIN was advised by Curtis, Mallet-Prevost, Colt & Mosle LLP (legal), Drees & Sommer (technical) and BNP RE (commercial).
STRABAG Real Estate sells KUHLIO residential project in Frankfurt to LUWIN
Frankfurt, 19 February 2020
- LUWIN Real Estate Managers completes purchase of 63 rental flats for pension fund
- Complex ready for occupancy starting late 2022
- Construction commenced late 2019
LUWIN Real Estate Managers GmbH (LUWIN) acquired the rental portion of the KUHLIO residential development in Frankfurt/Main for a German pension fund. The transaction was carried out as part of a forward deal. The Rhine-Main unit of project developer STRABAG Real Estate GmbH (SRE) is the seller and will also oversee initial rental. The parties have agreed to keep the purchase price confidential. The buyer obtained technical advice from Drees & Sommer as well as legal and tax advice from Curtis, Maller-Prevost, Colt & Mosle LLP.
Attractive city location
KUHLIO is the name of the residential complex that SRE is developing in Frankfurt's Bockenheim district. Two architecturally appealing structures are being built in the up-and-coming neighbourhood, right on Kuhwaldsstrasse and the corner of Voltastrasse. One is approx. 9,000 m² and accommodates 100 owner-occupied flats, and the other has a gross floor space of approx. 6,000 m² and holds the 63 rental flats that were just sold. Aside from exceptional transport connections, the location also stands out for having a bubbling urban infrastructure. LUWIN Managing Partner Manuel DeVigili described the reasons for the purchase thus: "The location, the product and the project developer – all the conditions are right for this deal!" "With KUHLIO, we can now boast of our third successful project with the pension plan acting as an equity investor", said SRE unit head Andreas Hülsken, pleased with the exhibited customer confidence.
The flats are slated to be occupied starting in late 2022. In December of last year, commissioned general contractor Ed. ZÜBLIN AG began construction work on the 5,200 m² lot that SRE purchased from Senckenberg Society for Nature Research in late 2017.
LUWIN Real Estate Managers GmbH (LUWIN) is a partner-operated company specialising in real estate investment and asset management services. LUWIN currently manages over EUR 2.0 million in real estate assets. It targets real estate investment in Germany and select European metropolises in the segments of office, residential, retail and logistics.
STRABAG Real Estate GmbH (SRE) is one of the top real estate developers in Europe. Its Cologne office is responsible for projects in Germany and Benelux, while the Vienna office oversees those in Austria, Poland, Bulgaria, Romania, Hungary, Czechia and Slovakia. As a STRABAG SE company, SRE is part of an innovative building technology group with strong finances. SRE's range of services encompasses every stage of a project – from kick-off and planning, to realisation, rental, sale and operation. The company's highly diverse portfolio involves the development of office, commercial and retail properties as well as residences, hotels and entire neighbourhoods. More than 600 projects have been realised since it was founded in 1965 and Raiffeisen evolution was integrated in 2017. Currently, the largest projects are neighbourhood developments MesseCity in Cologne and HEINRICH VON STEPHAN BUSINESSMILE in Freiburg, OBRKSSL in Düsseldorf and TURM AM MAILÄNDER PLATZ in Stuttgart. FLARE OF FRANKFURT and MEANDRIS are among SRE's best known projects in Frankfurt am Main.
Berlin: LUWIN buys 253 new build apartments from Investa and Baywobau
Frankfurt am Main, 1 August 2019
A joint venture between Investa Real Estate and Baywobau has sold a new development project of 253 rental apartments in Berlin to the LUWIN Real Estate Managers investment platform. LUWIN has acquired the premium residential complex for a German pension fund. The sale contract, structuring the transaction as a forward deal, was signed in June. Construction of the project has already begun and the residential buildings will be handed over to LUWIN, on a turnkey basis, by mid-2022. The parties have agreed to keep the sale price confidential.
The residential complex in Schmargendorf, part of the south-western administrative district of Charlottenburg-Wilmersdorf, will provide a total lettable area of 18,200 square metres and 150 parking spaces. The development project acquired by LUWIN is the centrepiece of the new Maximilians- Quartier, where a total of around 1,000 condominium and rental apartments, rent-controlled housing and a day nursery will be developed.
The purchaser was advised by Hogan Lovells and TA Europe, the vendor by BNP Paribas Real Estate and Pöllath + Partners.