Description The property is situated in the city centre of Offenbach and offers a retail area of approx. 1,000 sqm which spreads from the basement to the first floor. Additionally, there are 11 more apartments of different sizes in the property.
Performance through active asset management
Starting situation (2009/2010) Pending vacancy in the retail area (approx. 60 % of the total letable area) because of the expiration of the lease contract Lag of modernisation works in the common areas Difficulties with the letting of the apartments
At the time of assignment of propertyAMI, the lease contract of the anchor tenant had a residual term of only 16 months and the tenant intended to move out even earlier. To avoid this issue for the appearance of the property, the lease contract was repealed prematurely and instead of this leased out to Fielmann on a short-time basis. Following seamlessly to this intermediate letting, propertyAMI could finalize a long-term lease contract with an apparel store.
Furthermore propertyAMI coordinated comprehensive remediation measures in the hallways to appreciate the entire appearance of the building as well as the renovation of the vacant apartments to simplify the letting.
/ Result by project closure in 2010 Occupancy rate of the commercial areas: 100% leased out Increase of the attractiveness of the property
